The global rise of TikTok has propelled ByteDance co-founder Zhang Yiming to the top of China’s rich list. According to the Hurun Research Institute, Zhang now holds a personal fortune of $49.3 billion (£38bn), marking a 43% increase in his net worth since 2023. Although he stepped down from his leadership role at ByteDance in 2021, the 41-year-old still holds around 20% ownership of the company.
TikTok, which has grown into one of the most widely-used social media platforms worldwide, faces scrutiny in some countries due to its ties to China. Although both ByteDance and TikTok have stated their independence from the Chinese government, the U.S. has announced plans to ban TikTok in January 2025 if ByteDance does not divest its ownership.
Despite the pressures in the U.S. market, ByteDance achieved a 60% increase in profits last year, further boosting Zhang’s wealth. “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” noted Hurun’s head, Rupert Hoogewerf. He added, “The U.S., by comparison, has only had four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This shows some of the dynamism in the Chinese economy.”
Zhang isn’t the only prominent figure from China’s tech industry on Hurun’s list. Tencent’s Pony Ma ranks third with an estimated net worth of £44.4 billion. However, their wealth stands out in a year where many wealthy individuals in China saw declines due to economic struggles. The report showed that only around 30% of those listed experienced gains, while the remainder saw their net worth drop.
Despite the overall downturn, it has been a profitable year for smartphone makers like Xiaomi. However, green energy companies have faced setbacks. “Solar panel, lithium battery, and EV makers had a challenging year as competition increased, leading to oversupply, while tariff threats added to the uncertainty,” Hoogewerf noted. Solar panel manufacturers saw their wealth drop by as much as 80% since the 2021 peak, with battery and EV makers seeing declines of half and a quarter, respectively.
