TikTok Founder Now China’s Richest Man
The soaring global influence of TikTok has propelled ByteDance co-founder Zhang Yiming to the top of China’s wealth rankings, according to the Hurun Research Institute. Zhang, now estimated to be worth $49.3 billion (£38 billion), experienced a 43% boost in wealth over the past year, securing him the title of China’s richest person.
Despite stepping down as ByteDance’s CEO in 2021, Zhang still holds an approximate 20% stake in the company, the parent firm of TikTok. This platform has rapidly risen to international prominence, even as scrutiny intensifies in several countries, particularly the United States, where a potential ban looms unless ByteDance divests its ownership by January 2025. Dangote Pledges Steady Fuel Supply in Aso Rock Meeting
“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” said Rupert Hoogewerf, head of Hurun. In comparison, the U.S. has seen just four such shifts, with the likes of Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk taking turns at the helm.
Joining Zhang on the rich list is Tencent’s CEO, Pony Ma, ranked third with an estimated £44.4 billion. However, while Zhang’s wealth rose sharply, China’s broader tech sector has faced challenges as the country’s economic growth has slowed. Hoogewerf noted that only 30% of those on the list increased their net worth over the past year.
“The Hurun China Rich List has shrunk for an unprecedented third year running,” Hoogewerf stated, pointing to economic strains that saw the number of wealthy individuals fall by 12% to just under 1,100. Notably, sectors like green energy, including solar and electric vehicles, encountered difficulties, with some companies losing up to 80% of their wealth from 2021 highs.
Zhang’s ascent reflects the shifting landscape of Chinese wealth, demonstrating both the rapid growth of the tech industry and the volatility within China’s economy. EFCC Nabs Four Suspected Bank Hackers in Abuja Operation
