TikTok Founder, Zhang Yiming, 41, Becomes China's Richest Person

41-year-old co-founder of ByteDance, Zhang Yiming has ascended to the position of China's richest person. This achievement is largely attributed to the global success of TikTok, the video-sharing platform that has captivated over a billion users worldwide.

According to the 2024 Hurun China Rich List, Zhang's wealth has surged to an impressive $49.3 billion. This marks a massive increase from previous years, reflecting a 43% growth since 2023.

ByteDance, the parent company of TikTok, reported a substantial revenue increase of 30% last year, reaching $110 billion. Zhang, who founded ByteDance in 2012 alongside his college roommate Liang Rubo, owns 20% of the company. Despite stepping down as CEO in 2021, he maintains over 50% of ByteDance's voting rights, ensuring his continued influence over the company's direction.

Zhang's rise to the top of China's rich list has displaced Zhong Shanshan, known as the "bottled water king," who had held the top spot for three consecutive years. The shift in wealth dynamics highlights the growing prominence of technology and new energy sectors in China, as traditional industries like real estate face challenges.

TikTok's journey to becoming a global phenomenon has not been without controversy. The app faces legal battles in the United States over data privacy concerns and child protection issues. Despite these challenges, TikTok's popularity continues to soar, solidifying Zhang Yiming's status as a leading figure in the tech industry and China's wealthiest individual.