ByteDance co-founder Zhang Yiming has recently ascended to the top of China’s wealth rankings, largely thanks to the massive global popularity of TikTok. According to the Hurun Research Institute, Zhang’s net worth now stands at $49.3 billion, reflecting a 43% increase since 2023.
Although Zhang stepped down from active management in 2021, he retains an estimated 20% ownership in ByteDance, the tech giant he helped establish. This stake has been propelled by ByteDance’s impressive 60% profit growth over the last year, a remarkable achievement amid mounting regulatory challenges. The U.S., citing security concerns over data privacy and national security, has given ByteDance a January 2025 deadline to divest TikTok or face a nationwide ban. Both ByteDance and TikTok have consistently emphasized their operational independence from the Chinese government, yet scrutiny remains.
Zhang’s rapid ascent to wealth marks the 18th time China’s top rank has changed hands within just 26 years, contrasting with the U.S., which has seen only four wealth leaders during that period. Rupert Hoogewerf, founder of the Hurun Research Institute, notes that Zhang’s achievement showcases the dynamism of China’s tech-driven economy, even as it navigates significant economic hurdles.
Zhang’s peer, Tencent’s founder Pony Ma, ranks third on the wealth list with an estimated net worth of £44.4 billion. However, these gains are an outlier; approximately 70% of China’s wealthiest individuals experienced a decline in net worth last year, as China’s economic growth has slowed. The total number of individuals on the Hurun China Rich List has dropped by 12%, signaling challenges for industries across the board.
Despite the slowdown in several sectors, including green energy, ByteDance and other smartphone-related enterprises have proven resilient. China’s tech sector continues to fuel wealth creation, even as heightened competition, evolving consumer demand, and regulatory complexities shape the economic landscape. As global growth potential for ByteDance remains, Zhang Yiming’s journey reflects both the opportunities and uncertainties of China’s ever-evolving tech industry.
