The surging global popularity of TikTok has propelled Zhang Yiming, the co-founder of its parent company ByteDance, to the top of China’s rich list. According to the Hurun Research Institute, Zhang Yiming’s net worth has skyrocketed to $49.3 billion, a staggering 43% increase from the previous year.
Despite stepping down from his role at ByteDance in 2021, Zhang Yiming still holds around 20% of the company, which has seen tremendous success with the rise of TikTok as one of the most popular social media apps worldwide. However, concerns about the app’s ties to the Chinese government have led to pressure from the US, with plans to ban TikTok in January 2025 unless ByteDance sells it.
Despite these challenges, ByteDance’s global profit surged by 60% last year, contributing to Zhang Yiming’s immense personal fortune. “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” said Rupert Hoogewerf, head of Hurun. “This gives an indication of some of the dynamism in the Chinese economy.”
Zhang Yiming is not the only tech mogul on the rich list, with Pony Ma, the boss of Tencent, ranking third with an estimated wealth of £44.4 billion. However, their success is not solely attributed to their companies’ achievements, as China’s economy has faced challenges in the past year.
The Hurun China Rich List has shrunk for the third consecutive year, reflecting the difficulties in China’s economy and stock markets. Despite this, certain sectors like smartphone manufacturers have thrived, while others like green energy have struggled. “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,” said Hoogewerf.
Overall, Zhang Yiming’s rise to the top of China’s rich list symbolizes the rapid growth and competitiveness of the Chinese tech sector, despite the economic challenges faced by the country.
