Zhang Yiming Emerges as China’s Wealthiest Following TikTok Surge

Zhang Yiming, co-founder of ByteDance, overtakes China's wealth rankings with a staggering net worth, reflecting the contrasting fortunes amid a fluctuating economy.

In light of TikTok's soaring global success, Zhang Yiming, the co-founder of its parent company ByteDance, has ascended to the top of China’s rich list with a personal fortune of $49.3 billion (£38 billion). This figure represents a notable increase of 43% since 2023, as reported by the Hurun Research Institute. At just 41 years old, Zhang, who stepped down from his executive role in 2021, retains an estimated 20% stake in the company.

Despite facing intense scrutiny regarding TikTok's links to the Chinese government, the app continues to flourish worldwide. The U.S. government has threatened to ban TikTok by January 2025 unless ByteDance divests the platform. However, despite external pressures, ByteDance has recorded a remarkable 60% rise in global profits last year, significantly boosting Zhang's wealth.

Rupert Hoogewerf, chairman of Hurun, noted, "Zhang Yiming represents the 18th individual to become Number One in China in the last 26 years — a stark contrast to the U.S., which has only seen four, including Bill Gates and Elon Musk." This observation underscores the dynamic nature of the Chinese economy, particularly in comparison to its American counterpart.

Zhang is not the only tech titan on the list; Pony Ma, head of Tencent—another tech giant—occupies the third position with a wealth valued at approximately £44.4 billion. The substantial wealth of these tech leaders contrasts sharply with many of their competitors, as the broader market has been challenging for numerous sectors in China.

The Hurun China Rich List has faced challenges, shrinking for the third consecutive year due to a slowing economy and volatility in stock markets. Approximately 30% of those listed have seen increases in their wealth, while the remaining 70% experienced declines. Overall, the number of individuals on the rich list decreased by 12% over the year, totaling just under 1,100, and reflecting a 25% drop since its peak in 2021.

Hoogewerf elaborated on the current market dynamics, noting that smartphone manufacturers like Xiaomi had a productive year, while the green energy sector faced setbacks. "The solar panel, lithium battery, and EV markets encountered considerable challenges due to intensified competition and the looming possibility of tariffs, leading to a marked decrease in wealth within those fields," he stated.