The founder of TikTok parent company, ByteDance, Zhang Yiming, is now China’s richest person, marking a significant changes in the country’s wealth profile.
He has an estimated net worth of $49.3 billion surpassing the former champion, Zhong Shanshan, the founder of bottled water company Nongfu Spring, whose wealth dropped to $47.9 billion.
Zhang, 41, who stepped down as chief executive of ByteDance in 2021, has become the 18th individual to be crowned China’s richest person in the 26 years since the Hurun China Rich List was first published.
Recall that in 2021, Zhang resigned as ByteDance’s CEO, however, his company’s flagship, TikTok, remains popular around the world.
In 2023, ByteDance experienced a 30% surge in revenue, reaching an astonishing $110 billion, fueled by the company’s potential to capitalize on advertising and data-driven trends on a global level.
