TikTok’s growing global popularity has led to the co-founder of its parent company, ByteDance, becoming the richest person in China.
According to a rich list Produced by the Huron Research InstituteZhang Yiming is now worth $49.3bn (ÂŁ38bn) – 43% more than in 2023.
41 years old He steps down as CEO of the company in 2021but it is known that he owns about 20% of the company.
TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state.
While both companies insist they are independent from the Chinese government, The United States intends to ban TikTok In January 2025 unless ByteDance sells it.
Despite facing these intense pressures in the United States, ByteDance’s global profits rose 60% last yearWhich increased Zhang Yiming’s personal wealth.
“Zhang Yiming is our 18th new arrival in China in just 26 years,” Hurun President Robert Hoogewerf said.
“By comparison, the United States has only four people: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.
“This gives an indication of some dynamism in the Chinese economy.”
Mr. Zhang is not the only representative of China’s huge technology sector on the list.
Pony Ma, chairman of technology group Tencent, occupies third place on the list with a personal fortune estimated at 44.4 billion pounds.
But their fortunes are not explained only by the successes of their companies. Rather, their competitors achieved smaller gains in one year China’s economy has faltered.
In fact, only approximately 30% of the people on the list had an increase in their net worth, while the rest saw a decrease.
“China’s Hurun Rich List has shrunk for the third year in a row in an unprecedented manner, as the Chinese economy and stock markets have had a difficult year,” Hoogewerf said.
“The number of individuals on the list fell by 12% in the past year to just under 1,100 individuals and 25% from its high in 2021.”
He said the data showed it was a good year for smartphone manufacturers like Xiaomi, while the green energy market faltered.
“Manufacturers of solar panels, lithium batteries and electric vehicles faced a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainty,” he said.
“Solar panel makers saw their fortunes fall by up to 80% from their 2021 peak, while battery and electric vehicle makers’ fortunes fell by half and a quarter, respectively.”
