TikTok Founder Zhang Yiming Tops China's Richest List
Zhang Yiming, the founder of TikTok, has made headlines by becoming the richest individual in China for the first time, according to the latest report from Shanghai-based Hurun magazine. His net worth has surged to an impressive $49.3 billion, marking a 43% increase from the previous year. This remarkable growth is attributed to the continued expansion of his company, ByteDance, which has seen a 30% rise in business over the past year. TikTok, the popular social media platform owned by ByteDance, boasts around 200 million users in the United States alone, contributing significantly to this financial success.
Zhang's ascent to the top of the wealth rankings comes at a time when concerns about TikTok's ties to the Chinese government have intensified, especially in the United States. Despite these challenges, ByteDance reported a 60% increase in global profits last year, reinforcing Zhang's position as a leading figure in the tech industry.
Changes in the Rankings of China's Wealthiest Individuals
Zhang's rise means that Zhong Shanshan, the previous leader and founder of Nongfu Spring bottled water, has dropped to second place with a fortune of $47.9 billion. This marks the first time in three years that Zhong has not held the top spot. Following him is Ma Huateng, the founder of Tencent, who ranks third with an estimated wealth of $44.4 billion.
Notably, Robert Hoogeorge, president of the Hurun Institute, pointed out that Zhang is the 18th individual to claim the title of richest person in China over the past 26 years, in stark contrast to the United States, where only four individuals have held the top position during the same timeframe. As China's tech sector continues to thrive, Zhang Yiming's success highlights the dynamic nature of wealth creation in the country.
