BEIJING, China — Zhang Yiming, the visionary entrepreneur behind TikTok and its parent company ByteDance, has become China’s richest person, according to the 2024 Hurun China Rich List released on Tuesday.
Zhang, 41, saw his fortune soar to $49.3 billion, propelled by ByteDance’s record-breaking global revenue of $110 billion last year, a 30% increase.
Zhang’s ascendance to the top spot dethrones Zhong Shanshan, the “bottled water king,” who held the position for three years.
Zhong now ranks second, followed by Pony Ma, founder of tech giant Tencent, which owns WeChat.
ByteDance’s Global Success
Since its launch in 2017, TikTok has become a cultural phenomenon, dominating social media markets worldwide and setting a standard for Chinese companies seeking global recognition.
ByteDance also operates popular platforms in China, including Douyin (TikTok’s domestic counterpart) and news app Toutiao.
Zhang owns 20% of ByteDance and co-founded the company in 2012 with his college roommate, Liang Rubo.
Although he stepped down as CEO in 2021, Zhang remains a key figure in the company’s success.
Despite regulatory hurdles, including a potential nationwide ban in the United States over national security concerns and allegations of insufficient child protection measures, TikTok continues to thrive.
According to Hurun, the platform boasts nearly 200 million users in the U.S. alone.
Legal and Political Challenges
TikTok’s parent company is embroiled in legal battles in the U.S., where a law passed in April could force the company to spin off its American operations to avoid a ban.
Similar concerns have led to restrictions on TikTok in countries such as Britain, Canada, and Australia, while India has banned the app outright.
TikTok and ByteDance have strongly denied allegations of mishandling user data or exposing it to the Chinese government, as well as claims related to inadequate child protection measures.
Declining Number of Billionaires
The Hurun China Rich List also highlighted a shrinking pool of billionaires in China, with the number of US-dollar billionaires dropping to 753, a decrease of 142 from the previous year.
The total number of individuals on the list—those with at least 5 billion yuan ($700 million)—fell for the third consecutive year, reaching 1,094.
Hurun Report chairman Rupert Hoogewerf attributed the decline to a “difficult year” for China’s economy, which is facing challenges such as a real estate crisis, high local government debt, and slowing consumer spending.
“The old guard, represented by real estate developers, have given way to a new guard of tech, new energy, consumer electronics, ecommerce, and healthcare,” Hoogewerf said in a statement.
Shifting Economic Landscape
China’s economic challenges have prompted significant shifts among its wealthiest individuals. While industries like real estate have lost prominence, technology, renewable energy, and consumer-focused sectors are emerging as dominant forces.
Zhang Yiming’s rise encapsulates this transformation, reflecting the growing influence of tech entrepreneurs in shaping China’s economy and global reach.
As TikTok continues to captivate audiences worldwide, Zhang’s leadership at ByteDance cements his position as a defining figure in the new era of Chinese innovation.
