The founder of TikTok is now the richest man in China

Due to TikTok's growing popularity worldwide, the co-founder of ByteDance, the firm's parent company, is now the richest person in China. The Hurun Research Institute's rich list indicates that Zhang Yiming's current net worth is $49.3 billion (£38 billion), which is 43% greater than it was in 2023.

About Tiktok

The 41-year-old is said to possess about 20% of the company, but he resigned from his position as its CEO in 2021.

• Notwithstanding serious worries in some nations regarding its connections to the Chinese government, TikTok has grown to become one of the most widely used social media apps worldwide.

• Despite the fact that both businesses maintain their independence from the Chinese government, the US plans to outlaw TikTok in January 2025 unless ByteDance sells it.

• ByteDance's worldwide profit rose by 60% last year, boosting Zhang Yiming's personal wealth despite the company's severe US criticism.

• "Zhang Yiming is the 18th new Number One we have had in China in just 26 years," Hurun Rupert Hoogewerf, the organization's head, stated.

• In contrast, there are just four Number Ones in the US: Elon Musk, Jeff Bezos, Warren Buffett, and Bill Gates.

• "This gives an indication of some of the dynamism in the Chinese economy."

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Tech wealth

• On the list, Mr. Zhang is hardly the sole representative of China's massive tech industry.

• With an estimated personal wealth of £44.4 billion, Pony Ma, the CEO of the digital giant Tencent, comes in third on the list.

• However, the performance of their businesses alone does not account for their prosperity; in a year when China's economy faltered, their competitors have made less money.

• Only about 30% of the individuals on the list actually witnessed a rise in their net worth; the remaining individuals reported a decrease.

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How did Zhang Yiming rise to become one of the world's wealthiest individuals?

• "China's economy and stock markets had a challenging year, resulting in an unprecedented third consecutive year of shrinkage on the Hurun China Rich List," Mr. Hoogewerf stated.

• "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 claimed that while the green energy business had faltered, the data indicated that smartphone makers like Xiaomi had had a successful year.

• "This year has been difficult for manufacturers of solar panels, lithium batteries, and electric vehicles (EVs), as competition has increased and created a glut, and the threat of tariffs has increased uncertainty," he said.

• "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."