ByteDance Co-founder Zhang Yiming Becomes China’s Richest Person

Zhang Yiming, co-founder of ByteDance, the parent company of the globally popular TikTok, has been identified as China’s wealthiest individual. The Hurun Research Institute’s rich list indicates Zhang Yiming’s current net worth is $49.3bn (£38bn), marking a 43% increase since 2023. Although the 41-year-old resigned from his leadership position at the company in 2021, he reportedly retains approximately 20% ownership of the firm. TikTok has achieved widespread global popularity as a social media application, even amidst significant concerns in certain nations regarding its connections to the Chinese state. Both TikTok and ByteDance maintain their independence from the Chinese government; however, the United States plans to prohibit TikTok by January 2025 unless ByteDance divests it. Notwithstanding this considerable pressure in the US, ByteDance’s worldwide profit grew by 60% last year, contributing to the rise in Zhang Yiming’s personal wealth. Rupert Hoogewerf, head of Hurun, commented, “Zhang Yiming is the 18th new Number One we have had in China in just 26 years.” He added, “The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. “This gives an indication of some of the dynamism in the Chinese economy.” Mr. Zhang is not the sole figure from China’s extensive technology sector featured on the list. Pony Ma, who leads the technology conglomerate Tencent, holds the third position with an estimated personal fortune of £44.4bn. However, their wealth is not solely attributable to their companies’ achievements; their competitors experienced lower earnings during a year characterized by a struggling Chinese economy. Indeed, only about 30% of the individuals on the list saw an increase in their net worth, while the majority experienced a decrease. Mr. Hoogewerf stated, “The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year.” He further noted, “The number of individuals on the list was down by 12% in the past year to just under 1100 individuals and 25% from the high point of 2021.” He indicated that the data revealed a favorable year for smartphone manufacturers, including Xiaomi, contrasting with a downturn in the green energy market. He remarked, “Solar panel, lithium battery and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties.” He specified, “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.”