China has a new wealth leader: Zhang Yiming, the entrepreneur behind TikTok. The 41-year-old co-founder of TikTok’s parent company, ByteDance, has topped the 2024 Hurun China Rich List, released on October 29.
Zhang’s net worth has soared to $49.3 billion, according to Hurun Inc., a research and investment group that compiles rankings of the country’s wealthiest individuals. His rise in fortune follows a remarkable 30% growth in ByteDance’s global revenue last year, totaling $110 billion.
Since its launch in May 2017, TikTok has gained massive popularity worldwide, becoming a defining social media platform for young users globally.
Zhang holds a 20% stake in ByteDance, which he co-founded with college roommate Liang Rubo in Beijing in 2012. He stepped down as CEO in 2021 after transforming ByteDance into a major player in the Chinese tech landscape.
ByteDance also owns Toutiao, a popular news app in China, and Douyin, which is the Chinese counterpart to TikTok.
Zhang’s rise to the top has displaced Zhong Shanshan, known as China’s “bottled water king,” who has held the number one position for the past three years but now sits in second place.
