In a significant change in China’s financial rankings, Zhang Yiming, the founder of ByteDance—the tech conglomerate behind TikTok—has been named the richest person in China according to the Hurun China Rich List 2024. With a net worth of $49.3 billion, Zhang has overtaken Zhong Shanshan, the billionaire associated with Nongfu Spring, whose fortune has decreased to $36.8 billion.
Zhang’s wealth has soared by an impressive 43 percent compared to the previous year, a surge attributed to ByteDance’s revenue increase to $110 billion in 2023—a 60 percent growth. At 41 years old, Zhang is the first self-made billionaire born in the 1980s or later to reach the top spot on this list, marking a new era of wealth in China.
This accomplishment comes amid economic uncertainty in China, where the combined wealth of listed entrepreneurs has declined by 10 percent to $3 trillion, and the number of billionaires has dropped from 1,185 in 2021 to 753. Despite these obstacles, Zhang’s ascent to the top underscores the resilience and swift expansion of tech-driven wealth within the Chinese economy.
Although Zhang stepped down as CEO of ByteDance in 2021, he is believed to hold a 20 percent stake in the company, which is now valued at over $225 billion. ByteDance’s global success, driven by the widespread popularity of TikTok, has positioned it as a tech giant, competing internationally with industry leaders such as Meta and Google.
Zhang Yiming’s rise and ByteDance’s increasing prominence indicate a shift in the composition of China’s wealth, with technology entrepreneurs maintaining significant influence despite a decrease in their numbers from past years. This development reflects a broader economic transition towards digital platforms as central creators of modern wealth.
