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China’s Newest Billionaire: TikTok CEO Zhang Yiming Tops Rich List

Daniel Kim Views  

Zhang Yiming, CEO of ByteDance. / Yonhap News

Zhang Yiming, the 41-year-old CEO of ByteDance, has become China’s richest individual, amassing a net worth exceeding 350 billion yuan ($51 billion). He operates the widely popular video platform TikTok, and his net worth exceeds fifty-one billion dollars. This marks him as the wealthiest individual born in the 1980s.

Hurun Research Institute released its 2024 China Rich List on Tuesday, revealing that Zhang’s net worth surged by 105 billion yuan ($15.4 billion) last year. Analysts attribute this remarkable increase to TikTok’s global success.

Zhong Shanshan, Chairman of China’s largest bottled water company, Nongfu Spring, held the top position for three consecutive years. He has slipped to second place this year. Zhong’s net worth stands at 49.8 billion dollars, down 16.1 billion dollars from last year. This decline is attributed mainly to consumer boycotts stemming from a pro-Japan controversy in February, coupled with disappointing first-half performance that impacted stock prices.

Tencent founder Ma Huateng ranks third with a net worth of 46.1 billion dollars, an increase of 5.1 billion dollars compared to the last year.

The number of ultra-wealthy individuals in China has generally declined. There were 1,094 individuals with assets exceeding 6.85 billion dollars, down 12% from last year. Their total worth also decreased by 10%, amounting to 3.07 trillion dollars.

The Chairman of the Hurun Research Institute remarked, “The number of individuals with assets over 6.85 billion dollars has declined for three consecutive years, dropping nearly 400 from its peak in 2021.” However, he noted, “This figure is still 25% higher than it was five years ago.”

Daniel Kim
content@viewusglobal.com

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