China has a new richest individual: Zhang Yiming, the entrepreneur behind TikTok and co-founder of its parent company, ByteDance.
According to the 2024 Hurun China Rich List published on Tuesday, October 29, Zhang's wealth has reached $49.3 billion, as assessed by the research and investment group Hurun Inc.
Zhang's rise to the top follows a significant increase in ByteDance’s global revenue, which grew by 30% last year to $110 billion. TikTok, launched in May 2017, has gained immense global popularity, establishing itself as a defining social media platform among young users worldwide.
Zhang, who co-founded ByteDance with his college roommate Liang Rubo in Beijing in 2012, owns 20% of the company. He stepped down as CEO in 2021 after transforming ByteDance into one of the largest names in the Chinese tech industry. In addition to TikTok, ByteDance also operates the popular news app Toutiao and Douyin, TikTok’s sister app for the Chinese market.
Zhang's ascension to the top of the rich list has dethroned Zhong Shanshan, known as the "bottled water king," who held the lead position for the past three years but now ranks second.