Zhang Yiming, founder of ByteDance, the parent company of TikTok, has soared to the top of the Hurun China Rich List, claiming the title of China’s wealthiest individual with a fortune of $49.3 billion. Zhang’s rise highlights the tech industry’s resilience amid China’s broader economic challenges, marking the first time the 41-year-old has held the top position since the list began 26 years ago.
ByteDance’s global revenue, boosted by its popular platforms TikTok and Douyin, increased by 30% last year to $110 billion. Despite regulatory scrutiny in the U.S. and mounting legal battles, Zhang’s wealth has surged, surpassing former titleholder Zhong Shanshan, who owns the bottled water company Nongfu Spring. Zhong’s wealth dropped by 24% to $47.9 billion, moving him into second place.
China’s economic landscape has been challenging, with the Hurun report noting that the number of billionaires decreased by 142 to 753 as stock market volatility, intensified competition, and tariff threats from the U.S. have put pressure on traditional sectors. This year saw a particularly steep decline in fortunes among solar panel, electric vehicle, and battery manufacturers, as competition and policy shifts have hit these industries hard. Rupert Hoogewerf, Chairman of Hurun, stated that solar panel makers saw an 80% drop from their 2021 peak, while fortunes in batteries and EVs also declined significantly.
While tech leaders are seeing their fortunes grow, the shake-up has left traditional industries struggling. Xiaomi’s CEO, Lei Jun, bucked the trend, adding $5 billion to his net worth as the smartphone and electronics company expanded into the EV market. Zhang Yiming’s ascent to the top underscores the strength of China’s tech sector even as other industries face turbulence.
