TikTok Co-Founder Zhang Yiming Becomes China’s Richest Person with $49.3 Billion Fortune
Zhang Yiming: China's New Richest Person
TikTok’s phenomenal success has catapulted its co-founder Zhang Yiming to the top of China’s wealth rankings. According to Hurun Research Institute, Zhang’s net worth has surged 43% to $49.3 billion.
Despite stepping down as ByteDance’s executive in 2021, Zhang retains approximately 20% ownership. TikTok’s global popularity has fueled ByteDance’s 60% profit growth, despite ongoing regulatory scrutiny.
The US plans to ban TikTok in January 2025 unless ByteDance reduces its ownership stake. Both ByteDance and TikTok reaffirm their independence from the Chinese government.
Zhang is joined by other Chinese tech moguls:
– Pony Ma (Tencent): £44.4 billion
– Xiaomi’s Lei Jun: £23.4 billion
However, not all tech fortunes have grown:
– Solar panel makers’ wealth dropped 80% since 2021
– Battery and EV producers saw declines of 50% and 25%
– Only 30% of Hurun list members saw increased wealth
“The list has decreased by 12% in the past year to just under 1,100 individuals, down 25% from its 2021 peak,” noted Rupert Hoogewerf.
The decline in wealth can be attributed to:
– China’s economic slowdown
– Regulatory challenges in the tech sector
– Global trade tensions
China’s green energy sector has been severely impacted:
– Solar panel makers’ wealth dropped 80% since 2021
– Battery and EV producers saw declines of 50% and 25%
– Oversupply and tariff threats have exacerbated the decline
Xiaomi’s Lei Jun has bucked the trend, with his net worth increasing to £23.4 billion:
– Xiaomi’s global smartphone sales have surged
– Diversification into new markets and products
TikTok’s future remains uncertain amidst regulatory pressure:
– US ban looming in January 2025
– Global scrutiny over data privacy and security
Conclusion
Zhang Yiming’s rise to the top of China’s wealth rankings underscores TikTok’s phenomenal success. However, the decline in wealth among other Chinese tech moguls and the green energy sector highlights the challenges facing China’s economy.
