Zhang Yiming Tops China’s Rich List Thanks to TikTok’s Global Boom

The unstoppable rise of TikTok has propelled Zhang Yiming, co-founder of ByteDance, to become China’s wealthiest individual. With TikTok’s continued global popularity, Zhang’s net worth has skyrocketed to $49.3 billion (£38 billion), a 43% increase from 2023, according to the Hurun Research Institute.

💰 A Growing Fortune Amid Global Tensions

Though Zhang stepped down from his role at ByteDance in 2021, he still owns around 20% of the company. Despite some countries’ concerns over TikTok’s links to the Chinese government, ByteDance remains highly profitable, with a 60% increase in global profit last year, boosting Zhang’s fortune even further.

Interestingly, while the US plans to ban TikTok in January 2025 unless ByteDance divests it, both TikTok and ByteDance maintain that they operate independently from the Chinese government.

🇨🇳 Dynamic Shifts in China’s Rich List

According to Rupert Hoogewerf, head of Hurun, Zhang Yiming is the 18th person to claim the Number One spot in China over the past 26 years, highlighting the fast-paced evolution of China’s economy. In contrast, the US has seen only four individuals—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—occupy its top spot.

📈 China’s Tech Titans and Economic Pressures

Zhang Yiming isn’t the only tech giant on China’s rich list. Pony Ma, head of Tencent, comes in third with a fortune estimated at £44.4 billion. However, many Chinese tech moguls have seen declines due to a stuttering economy, with only about 30% of people on the list experiencing growth in their net worth this year.

📉 Tough Times for China’s Economy and the Hurun Rich List

The Hurun China Rich List has shrunk for a third consecutive year, reflecting economic challenges and a weaker stock market. This year, the list decreased by 12%, with just under 1,100 individuals making the cut, down 25% from its peak in 2021.

🔋 Challenges for Green Energy and Electronics

While smartphone makers like Xiaomi had a good year, green energy markets struggled due to fierce competition and surplus. Solar panel manufacturers saw their fortunes drop by as much as 80% from their 2021 peak, and battery and EV makers were also down by half and a quarter, respectively. The threat of tariffs added uncertainty, impacting industries once thought to be resilient.

Zhang Yiming’s journey to the top of China’s rich list underscores both the strength of the tech sector and the volatility of an economy facing complex challenges. For more insights, visit the full Hurun China Rich List.