TikTok’s global success has propelled ByteDance co-founder Zhang Yiming to China’s richest, with his net worth reaching $49.3 billion.
The explosive success of TikTok has catapulted Zhang Yiming, co-founder of its parent company ByteDance, to the top of China’s rich list. Zhang’s net worth has surged to $49.3 billion (£38 billion), marking a 43% increase from last year, according to the latest rich list from the Hurun Research Institute.
Despite stepping down from his leadership role at ByteDance in 2021, the 41-year-old entrepreneur retains around a 20% ownership stake in the firm, benefiting from TikTok’s unparalleled global rise.
TikTok, known for its powerful influence on youth culture worldwide, continues to gain popularity, despite security concerns from some nations.
Both ByteDance and TikTok have long asserted their independence from the Chinese government, though regulatory pressure has intensified in the United States, where a potential ban on TikTok is set for January 2025 unless ByteDance divests the platform.
ByteDance’s success has proven resilient, even amid the mounting challenges from U.S. regulators. The company posted a remarkable 60% profit increase last year, driven largely by TikTok’s global growth, which has added significantly to Zhang’s fortune.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” said Rupert Hoogewerf, head of the Hurun Institute.
By comparison, Hoogewerf noted that the United States has had only four top billionaires—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—reflecting the dynamism and rapid evolution of China’s tech-driven economy.
Zhang is joined on the list by other prominent figures in China’s technology sector, including Tencent’s CEO Pony Ma, who ranks third with a net worth of £44.4 billion. Yet, the overall picture for China’s wealthiest individuals is less rosy, as economic pressures have weighed heavily on many sectors.
The Hurun China Rich List has experienced an unprecedented shrinkage for a third consecutive year, Hoogewerf noted. Economic headwinds, including a sluggish stock market, caused a 12% decline in the number of individuals listed, dropping to under 1,100, a 25% reduction since the list’s peak in 2021.
Only about 30% of those on the list experienced an increase in their wealth; the remaining 70% saw a decline.
Despite challenges, certain sectors thrived, particularly among smartphone manufacturers like Xiaomi, while the green energy sector encountered a significant downturn.
Hoogewerf explained that fierce competition and market oversupply created difficulties for the solar, lithium battery, and electric vehicle (EV) industries.
“Solar panel makers saw their wealth down as much as 80% from the 2021 peak, whilst battery and EV makers were down by half and a quarter respectively,” he said, pointing to an oversupply in the green energy sector and the added complication of potential tariffs.
While Zhang’s rise exemplifies the meteoric success of China’s tech industry, the challenges faced by many of his peers underscore the shifting realities within China’s economy.
As ByteDance’s global influence grows, so does the regulatory scrutiny from international powers, a reminder of the complexities faced by China’s tech giants on the world stage.
