The Founder Of TikTok Is Now China’s Richest Man

The meteoric rise of TikTok has made ByteDance co-founder Zhang Yiming China’s wealthiest individual, as his net worth climbs to a staggering $49.3 billion, according to Hurun’s annual rich list. Despite stepping down from his role at ByteDance in 2021, Zhang retains a 20% stake in the company, which has catapulted him to the top of China’s billionaire rankings, with his fortune growing 43% over the past year. ByteDance, the parent company of TikTok, recorded a 60% jump in global profits last year, even amid mounting regulatory scrutiny from the U.S. and other Western nations concerned about the platform’s ties to China.

TikTok has evolved from a niche app into a social media giant with over 1 billion users globally. This success hasn’t come without challenges, though. The U.S. government, citing security concerns, has threatened to ban TikTok by January 2025 unless ByteDance divests itself of the app. This potential ban has yet to hinder the app’s growing popularity and revenue, which continues to fuel Zhang’s fortune. TikTok’s rising influence and ByteDance’s financial success underscore the company’s stronghold in the global tech market.

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The Hurun report’s data also highlights a significant trend in China’s economy: the tech sector continues to produce massive wealth, even as the nation faces economic obstacles. Other tech billionaires, such as Tencent’s Pony Ma, remain high on the list, with Ma’s personal wealth estimated at $44.4 billion. Yet, as Hurun’s founder Rupert Hoogewerf noted, tech billionaires are experiencing mixed fortunes. “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” Hoogewerf said. “By comparison, the U.S. has had only four—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This speaks to the rapid evolution and dynamism of China’s tech economy.”

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While Zhang’s wealth and ByteDance’s success dominate headlines, the broader Hurun list reveals a tough year for China’s elite. Only around 30% of individuals on the list saw their fortunes grow, with the rest witnessing a decline in net worth. The Hurun China Rich List shrank for the third year in a row, as China’s economy and stock markets faced serious challenges, dropping 12% in the number of wealthy individuals to just under 1,100. This marks a 25% decrease from the list’s high point in 2021, reflecting the impact of economic and political uncertainties on personal wealth.

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Sectors beyond traditional tech, particularly green energy, also saw a downturn. Smartphone manufacturers, such as Xiaomi, had a strong year, but solar, battery, and EV companies faced significant setbacks. Hoogewerf noted that fierce competition and an oversupply in the market created an environment of falling profits, affecting companies that once thrived in the renewable sector. “Solar panel, lithium battery, and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,” he said. “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.”

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In a rapidly shifting landscape, Zhang’s ascent highlights the ongoing potential of the tech industry within China’s economy, especially as digital platforms continue to capture global audiences. Yet, the story also serves as a reminder of the volatile environment these billionaires navigate as they grapple with geopolitical pressures, regulatory challenges, and economic turbulence. For Zhang, TikTok’s success has opened up a world of opportunities—and challenges—unseen by many of his contemporaries in China’s tech space.