In brief
Zhang Yiming, co-founder of TikTok's parent company ByteDance, has emerged as the richest person in China with a net worth of $49.3 billion, reflecting the app's worldwide popularity amid economic strains on other sectors.
The recent surge in TikTok's global influence has made its co-founder, Zhang Yiming, the richest person in China, overtaking other tech giants in a challenging economic landscape. Based on the latest rich list by the Hurun Research Institute, Zhang's fortune has skyrocketed to $49.3 billion (£38 billion), representing a remarkable 43% increase from 2023.Although Zhang stepped down from his executive role at ByteDance in 2021, he retains a substantial stake in the company, estimated at around 20%. Despite various concerns surrounding TikTok's connections to the Chinese government, the social media platform remains wildly popular worldwide. In response to these concerns, the US government is anticipated to impose a ban on TikTok by January 2025 if ByteDance does not divest its ownership.Zhang's newfound wealth comes as ByteDance reported a staggering 60% rise in global profits last year, emphasizing his significant financial growth. Rupert Hoogewerf, head of Hurun, noted, "Zhang Yiming is the 18th new Number One we have had in China in just 26 years," contrasting it with the four prominent U.S. figures—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—who have held the title.Zhang is not the sole tech mogul on the list. Pony Ma, the leader of Tencent, ranks third with a net worth of around £44.4 billion. However, the broader picture reveals a stark contrast in fortunes; only 30% of the individuals on the list saw their wealth increase. The Hurun report highlighted a significant decline, indicating that this marks the third consecutive year of reduced numbers in wealth among China's elite.In this tough economic climate, China has experienced a 12% decline in the number of billionaires over the past year, bringing the total down to just under 1100 individuals—a sharp 25% decrease since its peak in 2021. Meanwhile, industries such as smartphone manufacturing have flourished, whereas solar panel, lithium battery, and electric vehicle sectors have faced significant challenges due to heightened competition and market saturation. According to Hoogewerf, many of these manufacturers saw wealth drop as much as 80% from 2021 highs, reflecting a tumultuous year for the green energy market.
