China has a new richest person: Zhang Yiming, the entrepreneur behind TikTok.
Zhang, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, which was released on Tuesday, October 29.
His wealth is estimated at $49.3 billion, according to Hurun Inc., which publishes rankings of the country’s wealthiest individuals.
Zhang’s rise comes after ByteDance’s global revenue increased by 30% last year, reaching $110 billion. Since its official launch in May 2017, TikTok has gained massive global popularity, becoming a defining social media platform for many young people worldwide.
Zhang owns 20% of ByteDance, which he co-founded with his college roommate Liang Rubo in Beijing in 2012. He stepped down as CEO in 2021 after transforming ByteDance into one of the most prominent names in Chinese tech.
ByteDance also operates China’s popular news app Toutiao and Douyin, TikTok’s sister app in China.
Zhang’s ascent to the top of the rich list has pushed China’s “bottled water king,” Zhong Shanshan, out of the lead spot for the first time in three years, though Zhong remains in second place.
