The co-founder of ByteDance, Zhang Yiming, has emerged as China’s richest individual, with a net worth of $49.3 billion (£38 billion), reflecting a remarkable 43% increase from 2023, according to the Hurun Research Institute’s latest rich list. At 41 years old, Zhang, who stepped down as CEO in 2021, is believed to own approximately 20% of the company.
TikTok, under ByteDance, has skyrocketed in global popularity, becoming one of the leading social media platforms. Despite facing scrutiny and regulatory challenges in several countries over its connections to the Chinese government, both ByteDance and TikTok maintain their independence from state influence. The U.S. government is poised to impose a ban on TikTok in January 2025 unless ByteDance divests the app, highlighting ongoing geopolitical tensions.
Zhang’s surge in wealth coincides with a significant 60% increase in ByteDance’s global profits last year, underscoring the company’s resilience in a challenging economic landscape. Rupert Hoogewerf, head of Hurun, noted that Zhang’s ascendance marks the 18th new number one in China in the past 26 years, contrasting with only four notable figures in the U.S. — Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.
The list features other tech giants, including Pony Ma of Tencent, who ranks third with an estimated wealth of £44.4 billion. However, the fortunes of many tech leaders have faced challenges amid a sluggish Chinese economy, with only about 30% of those on the list experiencing an increase in net worth. The Hurun China Rich List has declined for the third consecutive year, with a 12% drop in the number of individuals on the list.
Mr. Hoogewerf pointed out that while smartphone manufacturers like Xiaomi thrived, the green energy sector, particularly solar panel and lithium battery makers, faced significant downturns due to intensified competition and tariff uncertainties, resulting in substantial declines in wealth.
