China’s new richest individual is Zhang Yiming, 41, the co-founder of TikTok’s parent company, ByteDance. According to the 2024 Hurun China Rich List, Zhang’s net worth has soared to $49.3 billion, fueled by ByteDance’s remarkable global revenue growth of 30% to $110 billion last year. Zhang’s achievement underscores TikTok’s explosive global popularity and ByteDance’s success as a pioneering Chinese tech company in U.S. and international markets.
Legal Challenges Abroad
TikTok’s expansion, however, has met significant resistance in the U.S., where it has about 200 million users. The app faces federal and state lawsuits related to alleged child protection failures, as well as legal battles over a U.S. law signed in April that could lead to a nationwide ban unless ByteDance divests its U.S. TikTok operations. The U.S. government has cited concerns over potential Chinese government access to American user data, accusations that ByteDance and TikTok strongly deny. Other countries, including India and allies such as Britain, Canada, and Australia, have enacted restrictions, mainly on government devices.
ByteDance’s Diverse Holdings
Zhang owns a 20% stake in ByteDance, which he co-founded in 2012 with his college roommate Liang Rubo. The company owns multiple popular apps beyond TikTok, including China’s Douyin and news aggregator Toutiao. Zhang stepped down as CEO in 2021 after establishing ByteDance as a tech powerhouse.
Changing Faces of China’s Wealth Elite
Zhang’s new status has dethroned former titleholder Zhong Shanshan, known as China’s “bottled water king,” who now holds the second position. Zhong faced social media backlash earlier this year over his perceived lack of patriotism, which impacted his company’s stock prices. Tencent’s founder, Pony Ma, ranks third, as Tencent’s WeChat remains a dominant messaging and payments platform in China.
Decline in China’s Billionaires
While Zhang has risen, the overall number of billionaires in China has decreased, with 753 U.S.-dollar billionaires, down by 142 since last year. Since its peak in 2021, China has lost more than 400 billionaires, reflecting a challenging economic period. The Hurun list, which includes individuals with a minimum net worth of 5 billion yuan ($700 million), reports the total number of wealthy individuals has shrunk by 12% over the past year.
Shifts in Wealth Sectors
Hurun Report chairman Rupert Hoogewerf attributes this decline to economic difficulties in China, including a real estate crisis and sluggish consumer spending. The wealth landscape is shifting from real estate developers to new tech and sectors like energy, electronics, and e-commerce, signaling a transformation in the economic structure of China’s wealthiest individuals.
