Official government announcements or major news outlets

ByteDance Founder Zhang Yiming, 41, Becomes China's Richest Person with $49.1 Billion Net Worth

Oct 29, 2024, 05:52 AM

Zhang Yiming, 41, the founder of ByteDance, has become China's richest person for the first time, according to the Hurun China Rich List 2024. With a net worth of 350 billion yuan ($49.1 billion), he surpassed Nongfu Spring's Zhong Shanshan, who had held the top position for three years. Tencent's CEO Ma Huateng (Pony Ma) ranked third on the list. The tech sector dominated the top positions, with most of the top ten being tech entrepreneurs. ByteDance, known for its popular app TikTok, has propelled Zhang Yiming to the top of the wealth rankings despite regulatory challenges in various markets.