THE RISE OF ZHANG YIMING: TIKTOK CO-FOUNDER NOW CHINA'S RICHEST AS GLOBAL POPULARITY SURGES

As TikTok’s global popularity continues to soar, Zhang Yiming, co-founder of its parent company ByteDance, has become China’s wealthiest person, now worth $49.3 billion, according to the latest Hurun Rich List. 

This marks a 43% increase in his fortune since 2023, positioning him among the world's financial elites despite his decision to step down from leadership in 2021. 

Today, Zhang, who holds a 20% stake in ByteDance, benefits from the app's global success despite deep scrutiny in some nations due to concerns over its ties to the Chinese state.

TikTok, ByteDance's flagship app, has achieved phenomenal success, especially in the US and Europe. However, concerns about data privacy and connections to the Chinese government have made it the focus of potential legislation in the United States, where it faces a January 2025 ban unless ByteDance agrees to divest TikTok. Yet, ByteDance remains resilient; the company saw profits soar by 60% last year, further boosting Zhang’s wealth.

“Zhang Yiming is the 18th new Number One we have had in China in just 26 years," observed Rupert Hoogewerf, head of Hurun Research Institute. 

“The US, by comparison, has only had four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. 

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

Joining Zhang in the ranks of China's wealthiest is Pony Ma, CEO of Tencent, with a personal fortune of £44.4 billion. 

Despite the tech sector's impressive gains, not all wealthy individuals in China have seen similar success this year. Only around 30% of the list experienced an increase in net worth, with the majority seeing declines amid a turbulent economy.

“The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets faced a challenging year,” explained Hoogewerf. The total number of individuals on the list fell by 12% over the past year, standing at just under 1,100, a 25% drop from its 2021 peak.

While Zhang Yiming’s rise underscores the strength of China’s tech sector, other industries weren’t so fortunate. Companies in green energy struggled, with competition and tariffs hurting the solar, lithium battery, and electric vehicle sectors. Solar panel makers, in particular, saw wealth losses up to 80% from their 2021 highs, while battery and EV manufacturers faced declines of 50% and 25%, respectively.

Zhang Yiming’s ascent to China’s wealthiest person highlights both the potential and volatility of China's economy, where rapid shifts in market conditions and global demand drive fortunes in and out of favor. His story reflects the shifting landscape of wealth in China and the world, as entrepreneurs continue to redefine success in an ever-evolving market.