TikTok Founder Becomes China’s Wealthiest Person
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Zhang Yiming, co-founder of TikTok parent company ByteDance, is now China’s richest person, according to the latest Hurun Rich List. Zhang’s wealth has grown to $49.3 billion (£38 billion), up 43% from last year. Even though Zhang stepped down as ByteDance’s leader in 2021, he still owns about 20% of the company.
TikTok’s popularity worldwide has helped ByteDance grow fast, even though some countries are concerned about its links to the Chinese government. While both TikTok and ByteDance say they operate independently, the U.S. is set to ban TikTok by January 2025 unless ByteDance sells the app. Despite these challenges, ByteDance saw its profits increase by 60% last year, adding to Zhang’s fortune.
“Zhang Yiming is the 18th person to become China’s richest in just 26 years,” said Rupert Hoogewerf, head of Hurun. “In comparison, the U.S. has only had four people—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—reach the top.”
China’s Top Tech Billionaires
Zhang is joined by other tech giants on China’s rich list. Tencent’s Pony Ma ranks third with a net worth of £44.4 billion. However, while ByteDance and Tencent did well, many of their competitors struggled this year due to China’s slowing economy.
Only about 30% of people on Hurun’s list saw their net worth grow; the remaining 70% experienced losses. “The Hurun China Rich List has shrunk for the third year in a row, as China’s economy and stock market have had a tough year,” explained Hoogewerf. The total number of people on the list dropped by 12% from last year, and by 25% from its high in 2021.
Smartphone brands like Xiaomi saw growth this year, but companies in China’s green energy sector, like solar panel and electric vehicle (EV) makers, faced big challenges. These companies saw their wealth drop due to increased competition, oversupply, and concerns about tariffs.
“Solar panel companies saw their wealth fall by as much as 80% from the peak in 2021, while battery and EV makers experienced declines of 50% and 25%,” Hoogewerf added.
As Zhang Yiming tops China’s rich list, ByteDance’s global success highlights the opportunities and challenges facing China’s tech leaders in an uncertain economic climate.
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