TikTok-Parent ByteDance Founder Zhang Yiming has emerged as China’s wealthiest individual with a fortune of $49.3 billion, according to the latest Hurun China Rich List. The 41-year-old tech entrepreneur, who stepped away from his CEO role in 2021, becomes the 18th person to claim the top spot in the list’s 26-year history.
Zhang Yiming, ByteDance Founder is China’s Richest Person
Zhang’s ascent comes as ByteDance, TikTok’s parent company, reported impressive global revenue growth of 30% last year, reaching $110 billion despite ongoing regulatory challenges in the United States.
The rankings reflect significant shifts in China’s wealth landscape, with former leader Zhong Shanshan, the bottled water tycoon, dropping to second place as his wealth declined 24% to $47.9 billion. Tencent’s founder Pony Ma secured third place, while PDD Holdings’ Colin Huang moved to fourth position.
Difficult year for China: Experts
“China’s economy and stock markets had a difficult year,” noted Hurun Report Chairman Rupert Hoogewerf, highlighting the challenging economic environment. The total number of billionaires fell by 142 to 753, marking a one-third decrease from 2021’s peak.
The report reveals contrasting fortunes across sectors. While consumer electronics showed resilience, with Xiaomi’s Lei Jun adding $5 billion to his wealth, traditional powerhouses struggled. “Solar panel makers saw their wealth down as much as 80% from the 2021 peak, while battery and EV makers were down by half and a quarter respectively,” Hoogewerf explained, citing intensifying competition and tariff concerns.
