The meteoric rise of TikTok has catapulted Zhang Yiming, co-founder of ByteDance, to the top of China’s rich list, making him the wealthiest individual in the country.
According to the Hurun Research Institute, Zhang now boasts a fortune of $49.3 billion—a staggering 43% increase from last year.
Though Zhang stepped down from his executive role at ByteDance in 2021, he still owns a significant 20% stake in the company.
His journey to the pinnacle of wealth is closely tied to TikTok’s global success, which has remained strong despite regulatory pressures.
Especially in the U.S. where a ban is anticipated in early 2025 unless ByteDance sells the popular app.
TikTok’s explosive popularity has helped ByteDance achieve a 60% profit increase over the past year.
Further inflating Zhang’s net worth. His success underscores the rapid evolution of China’s tech industry, which continues to challenge global giants.
Rupert Hoogewerf, head of Hurun, points out that Zhang’s achievement as China’s 18th wealthiest in 26 years reflects a unique dynamism within China’s economy.
By contrast, the U.S. has had only four leaders at the top of its wealth list—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.
TikTok is the world’s eighth wonder
Zhang is not alone in representing China’s powerful tech sector.
Tencent’s Pony Ma also ranks high on the list with a substantial fortune of £44.4 billion. Yet, only 30% of China’s wealthiest experienced an increase in net worth this year.
A sluggish Chinese economy and volatile stock market performance led to an overall decline.
With the Hurun China Rich List shrinking for the third consecutive year.
While tech figures like Zhang thrive, other sectors have struggled.
Companies in green energy, such as solar and electric vehicle makers, faced significant setbacks.
The green energy market has suffered from heightened competition, tariffs, and overproduction.
Causing some solar panel makers’ wealth to drop by as much as 80% since their 2021 peak.
Despite these challenges, Zhang Yiming’s ascent marks a high point in China’s economic landscape.
