ByteDance Founder and TikTok Owner Zhang Yiming Tops China's Rich List at $49.1 Billion

Oct 29, 2024, 07:29 AM

ByteDance founder Zhang Yiming has become China's richest person, according to the Hurun China Rich List 2024, with a personal wealth of approximately CNY350 billion (USD49.1 billion). ByteDance, known globally as the parent company of TikTok, has seen its global revenue jump despite TikTok's legal challenges in the United States. Zhang, who stepped down as CEO in 2021, surpassed Zhong Shanshan of Nongfu Spring, who had held the top spot for three consecutive years. Tencent's CEO Ma Huateng ranked third, while Jack Ma and his family remained on the list. The rise of Zhang and other tech entrepreneurs reflects the growing dominance of the technology sector in China, even as industries like real estate and renewables face challenges.