TikTok founder becomes China’s richest man, worth US$49.3 billion
Kathmandu. TikTok’s growing popularity has made Zhang Yiming, the co-founder of its Mao company ByteDance, the richest person in China. According to the rich list published by the Hurun Research Institute, Zhang Yiming’s wealth has now reached 49.3 billion US dollars, an increase of 43 percent compared to 2023.
Zhang, 41, stepped down from the company in 2021, but he still holds about 20 percent of the company. TikTok has become one of the world’s most popular social media apps, despite some countries raising concerns about ByteDance’s ties to the Chinese state.
Although ByteDance says they are independent from the Chinese government, there are reports that the US plans to ban TikTok from January 2025 if it does not sell its stake.
Despite facing increasing pressure in the US, ByteDance’s profits rose 60 percent last year, which has also boosted Zhang Yiming’s personal wealth. Zhang isn’t the only Chinese tech figure to make the list. Tencent chief Pony Ma is third on the list with a personal fortune worth £44.4 billion.
According to the report, the income of Chinese billionaires has been declining in recent years, which is why the Hurun Research Institute’s China Rich List has shrunk for the third year in a row. The number of people on the list is down 12 percent from last year to less than 1,100. According to the report, the main reason for this is that China’s economy and stock market are facing a difficult situation.
Smartphone makers such as Xiaomi had a good year and the green energy market declined, the data showed. The report notes that challenges for solar panel, lithium battery, and EV manufacturers have increased. Production has increased as competition intensifies, but the threat of tariffs has added uncertainty. Solar panel makers’ assets are down 80% from 2021, while battery and EV makers’ assets are said to have halved and a quarter, respectively. agency
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