Financial reports and market valuation data from reliable financial news outlets

ByteDance Founder Zhang Yiming Tops China's Rich List with USD49.3 Billion

Oct 29, 2024, 08:47 AM

Zhang Yiming, founder of ByteDance, the parent company of TikTok, has become the richest person in China, according to the Hurun China Rich List 2024. Zhang, age 41, has a net worth of CNY350 billion (USD49.3 billion), surpassing Nongfu Spring's Zhong Shanshan, who had topped the rankings for the past three years. The tech sector has seen significant gains, contributing to Zhang's rise. In contrast, counterparts in real estate and renewables have not fared as well. The Hurun report also highlighted a decline in the number of billionaires in China, with the country losing a third of its billionaires over the past three years.