The soaring global success of TikTok has led Zhang Yiming, co-founder of its parent company ByteDance, to become China’s wealthiest individual. According to the Hurun Research Institute’s latest rich list, Zhang’s net worth has reached $49.3 billion (£38 billion), marking a 43% increase since 2023.
Although Zhang stepped down from a leadership role in 2021, he reportedly retains a 20% stake in ByteDance. TikTok, now one of the world’s most popular social media platforms, has faced scrutiny in several countries due to its perceived ties to the Chinese government. While both ByteDance and TikTok maintain their independence from state influence, the U.S. has set a deadline for January 2025 to ban TikTok unless ByteDance divests it.
Despite pressures in the U.S., ByteDance’s profits grew by 60% last year, adding significantly to Zhang’s wealth. Rupert Hoogewerf, head of Hurun, noted that Zhang Yiming is China’s 18th new wealth leader in just 26 years, contrasting with the U.S., which has only seen four: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.
China’s tech sector is well represented on the rich list, with Tencent’s Pony Ma ranking third with a fortune of £44.4 billion. Yet, tech fortunes have not grown uniformly, as only about 30% of those on the list saw their wealth increase this year, while the remainder experienced losses amid a slowing economy.
“The Hurun China Rich List has shrunk for a third consecutive year, reflecting economic and market challenges,” Hoogewerf remarked, noting a 12% decline in the list’s size from the previous year and a 25% drop since 2021. He added that while smartphone makers like Xiaomi saw gains, green energy sectors faced setbacks due to oversupply and tariff risks, resulting in substantial declines for solar, battery, and electric vehicle companies from their 2021 highs.
