TikTok Founder Becomes China’s Richest Man

Zhang Yiming, co-founder of ByteDance, the parent company of the popular social media app TikTok, has ascended to the top of China’s wealth rankings, with his fortune now valued at $49.3 billion, according to the Hurun Research Institute’s latest report. Zhang, 41, has seen his wealth grow by 43% over the past year, making him China’s wealthiest individual despite stepping down from his leadership role at ByteDance in 2021. He retains an estimated 20% stake in the company.

ByteDance’s global success with TikTok has solidified Zhang’s fortune, even as the app faces scrutiny and potential bans in some countries, including a planned U.S. ban in 2025 unless ByteDance divests its ownership. However, ByteDance’s revenue surged by 60% in the last year, bolstering Zhang’s wealth and further establishing ByteDance as a dominant force in the global tech landscape.

Rupert Hoogewerf, chairman of Hurun, noted Zhang’s rapid rise as the 18th individual to top China’s rich list in the last 26 years, contrasting it with the relative stability of the U.S. top wealth rankings, which have featured only four figures in that period: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.

Zhang is not alone in representing China’s robust tech industry on the rich list. Tencent’s Pony Ma ranks third with a net worth of £44.4 billion, despite China’s slowing economy. This year, only 30% of the individuals on the list saw their net worth increase, with the majority experiencing declines as economic growth slowed and stock markets struggled.

The report indicates a challenging year for certain sectors, particularly green energy. “Solar panel, lithium battery, and EV manufacturers faced an increasingly competitive market, resulting in a supply glut and added uncertainty from potential tariffs,” Hoogewerf explained. Solar manufacturers saw their fortunes drop as much as 80% from their peak in 2021, while battery and EV producers saw declines of 50% and 25%, respectively.

Despite a shrinking Hurun China Rich List for the third consecutive year, the report highlights the resilience of tech entrepreneurs like Zhang and the sustained dynamism of China’s tech-driven economy.