TikTok founder now China's richest person

The surging global popularity of TikTok has led ByteDance founder to become China's wealthiest person, according to a report by the Hurun Research Institute. 

Zhang Yiming, 41, is now worth an estimated $49.3 billion – a 43% increase compared to 2023. Zhang, who stepped down from his management role in the company in 2021, currently holds about 20% of the shares.

TikTok, which has become one of the world's most popular applications, is viewed with suspicion by certain countries due to its possible ties with the Chinese government. While both sides, ByteDance and the Chinese government, have emphasized that they operate independently, the United States has declared it will ban the application in early 2025 unless ByteDance decides to sell it.

Despite ongoing pressure in the US, ByteDance's profits surged by 60% last year, significantly increasing Zhang Yiming's personal worth.

The report also noted that Zhang is the 18th leader on China's rich list to change over the past 26 years, while in the United States, the number of changes at the top is much smaller, counting only four over the years.

China's tech sector

Zhang isn't the only one from Chinese technology to find his place on the list. Pony Ma, CEO of technology conglomerate Tencent, was ranked third with an estimated personal wealth of about £44.4 billion. Despite the successes of ByteDance and Tencent, many in China's tech sector experienced a challenging financial year, with only about 30% of the wealthy on the list enjoying an increase in their wealth, while the rest recorded declines.

The Hurun report described how China's rich list has shrunk for the third consecutive year as the Chinese economy and stock markets struggled to generate growth. The number of people on the list fell by 12% in the last year to just about 1,100 and has dropped by 25% since the list's peak in 2021.

The report identified smartphone manufacturers, such as Xiaomi, as having a relatively good year, while the green energy sector – including solar panel manufacturers, electric batteries, and electric vehicles – faced severe challenges. Solar panel manufacturers recorded decreases of up to 80% in value compared to the 2021 peak, and battery and electric vehicle manufacturers recorded decreases of half and a quarter, respectively.