The global rise of TikTok‘s popularity has positioned Zhang Yiming, the co-founder of its parent company ByteDance, as China’s wealthiest individual. According to the Hurun Research Institute’s latest wealth ranking, Zhang’s net worth has climbed to $49.3 billion (£38 billion), marking a 43% increase since 2023.
Although Zhang, 41, stepped down from his executive role at ByteDance in 2021, he still holds roughly 20% of the company. TikTok has become one of the world’s most widely used social media platforms, despite facing significant scrutiny over its ties to the Chinese government in several countries.
Both ByteDance and TikTok have repeatedly affirmed their independence from the Chinese state, yet the U.S. is set to ban TikTok in January 2025 unless ByteDance reduces its ownership stake.
In the face of ongoing regulatory pressure in the U.S., ByteDance’s global profits grew by 60% last year, fueling Zhang’s wealth.
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” noted Rupert Hoogewerf, head of Hurun. “The U.S., by comparison, has only had four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This highlights the dynamism of the Chinese economy.”
Tech Fortunes
Zhang is joined on the list by other key figures in China’s tech sector. Pony Ma, leader of Tencent, ranks third, with an estimated net worth of £44.4 billion.
However, the growth in tech fortunes has not been universal. While Zhang and Ma have benefited from their companies’ success, many of their peers have struggled financially due to broader economic challenges in China. Only about 30% of the list’s members saw an increase in wealth, while the remainder faced declines.
“The Hurun China Rich List has contracted for an unprecedented third consecutive year, as China’s economy and stock markets have faced difficulties,” added Hoogewerf. “The list has decreased by 12% in the past year to just under 1,100 individuals, down 25% from its 2021 peak.”
It has been a favourable year for smartphone manufacturers like Xiaomi, but China’s green energy sector has stumbled. Solar panel, lithium battery, and electric vehicle (EV) producers have faced heightened competition and oversupply, along with tariff threats. Wealth among solar panel makers has dropped by as much as 80% from 2021, while battery and EV producers saw decreases of half and a quarter, respectively.