Zhang Yiming, 41, the founder of ByteDance, the parent company of the globally successful short-form platform TikTok, has emerged as the wealthiest person in China.
According to the Hurun Research Institute, which publishes the list of China’s wealthiest individuals, Zhang topped the list with an estimated net worth of 350 billion yuan (approximately $49.1 billion). He is noted for being the first self-made billionaire from the post-80s generation.
Fueled by TikTok’s international popularity, Zhang’s wealth surged by 105 billion yuan (approximately $14.7 billion) over the past year.
In contrast, Zhong Shanshan, the founder of Nongfu Spring, China’s largest bottled water company, has dropped to second place after holding the top position for three consecutive years. His net worth has decreased by 110 billion yuan (approximately $15.4 billion) from last year, totaling 340 billion yuan (approximately $47.7 billion).
Pony Ma, the founder of Tencent, a major social media and gaming company, ranked third. His wealth increased by 35 billion yuan (approximately $4.9 billion), reaching 315 billion yuan (approximately $44 billion) this year.
The Hurun Research Institute’s annual list includes individuals with personal assets exceeding 5 billion yuan (approximately $7 million). This year, the list features 1,094 individuals, a 12% decline from the previous year. Also, the total wealth of those on the list dropped by 10% (2.4 trillion yuan or approximately $336.8 billion), amounting to 21 trillion yuan (approximately $2.95 trillion).
