The rapid rise of TikTok has propelled Zhang Yiming, co-founder of its parent company ByteDance, to the position of China’s wealthiest individual. As reported by the Hurun Research Institute, his net worth has reached an impressive $49.3 billion (£38 billion), marking a 43% increase compared to 2023. Although Zhang stepped down from his leadership role in 2021, he is believed to retain around a 20% stake in the company.
TikTok has emerged as one of the most widely used social media platforms globally, despite ongoing concerns in various nations regarding its connections to the Chinese government. Both ByteDance and TikTok maintain that they operate independently of state influence; however, the United States plans to ban TikTok by January 2025 if ByteDance does not divest the app. Despite this pressure from the US, ByteDance experienced a significant global profit surge of 60% last year, contributing to Zhang’s growing wealth.
Rupert Hoogewerf, head of Hurun, noted that Zhang Yiming marks the 18th individual to top the list in China over the past 26 years. In contrast, only four have held that title in the United States: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This disparity highlights the vibrant nature of China’s economy.
Zhang is not alone among China’s tech elite; Pony Ma, CEO of Tencent, ranks third on the list with an estimated net worth of £44.4 billion. However, their financial gains reflect broader industry trends rather than universal success across all sectors. In fact, only about 30% of those on the list saw their wealth increase in a year where many experienced declines.
Mr. Hoogewerf remarked on the significant contraction of the Hurun China Rich List for three consecutive years due to challenges faced by China’s economy and stock markets. The number of individuals listed dropped by 12% in the past year to just under 1,100 and has decreased by 25% since its peak in 2021.
The data indicates a positive year for smartphone companies like Xiaomi while highlighting difficulties within the green energy sector. Solar panel manufacturers have particularly struggled amid heightened competition and market saturation; some have seen their wealth diminish by as much as 80% from their peak values in 2021, while electric vehicle and battery producers have also faced substantial declines.
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