TikTok Founder Becomes China’s Richest Man

TikTok's rapid global rise has propelled the co-founder of its parent company ByteDance to become the wealthiest person in China. How did he achieve this remarkable feat?

Meet China’s New Richest Man

Perched at the pinnacle of Chinese wealth, according to the Hurun Research Institute, Zhang Yiming emerges as China’s wealthiest individual. The TikTok founder’s net worth is valued at $49.3 billion, up 43% since 2023.

An Admirable Journey

At 41, Zhang Yiming stepped down from his role in 2021, but still owns around 20% of the company. Despite concerns over ties with the Chinese state, TikTok has become one of the world’s most popular social media apps.

Tech Fortunes Rising

Yiming’s wealth surge isn’t confined to China. It spans globally and despite looming TikTok bans in the US, “ByteDance’s global profits soared by 60% last year, boosting Zhang Yiming’s personal fortune significantly,” states Rupert Hoogewerf, head of Hurun. Yiming is not alone; Tencent’s Pony Ma ranks third with an estimated fortune of 44.4 billion pounds.

Mixed Fortunes

However, China’s economy faced challenges in 2021. Only 30% on the list saw their net worth increase. Smartphone makers like Xiaomi had a good year, but the green energy sector stumbled, according to Rupert Hoogewerf. He noted: “Solar panel, lithium battery, and electric vehicle makers faced a tough year as competition intensified”.

Ultimately, the past year underscores the vibrant dynamism of China’s economy, with Zhang Yiming as its shining example.