Zhang Yiming, TikTok-Parent ByteDance Founder, Becomes The Richest Man In China (Image-Website/WikiTok)
Zhang Yiming, the founder of ByteDance, the parent company of the world-famous app Tik Tok, became China’s richest person, claiming the top spot on the country’s wealth rankings. As per the Hurun China Rich list published on Tuesday, Zhang Yiming emerged as the country’s wealthiest individual for the first time with a personal fortune of $49.3 billion.
Despite the legal battle faced over its US assets, ByteDance witnessed a 30 percent increase in global revenue last year to $110 billion, with its US base nearing $200 million.
Read Also: China Marks Slowest Pace In Economy Since Covid Restriction
The 41-year-old, who stepped down as chief executive of ByteDance in 2021, dethroned Nongfu Spring beverage company founder Zhong Shanshan, who saw a dip of 24 percent in his fortune, making it $47.9 billion, amid challenges faced by China’s traditional sectors.
Third came Tencent’s Pony Ma Huateng with a net worth of $44.4 billion, marking a 13 percent increase. The company’s 9.8 percent revenue growth and 36 percent surge in profits were driven by expanding Tencent’s overseas gaming presence and its messaging app WeChat, which holds nearly 1.3 billion users globally.
Moreover, the Hurun report also highlighted the decrease in the number of individuals on the list, which dropped from 753 to 142. It dropped by 12 percent to 1,094 individuals holding more than $700 million of the total wealth.
The report also pointed out the dramatic fall in China’s real estate sector and the rise of consumer electronics, with Xiaomi founder Lei Jun adding $5 billion to his wealth this year.
Read Also: US Court Says Meta, Google, TikTok Must Face School’s Addiction Claims
Here is the list of the top 10 richest individuals in China:
- Zhang Yiming
- Zhong Shanshan
- Pony Ma Huateng
- Colin Huang Zheng
- He Xiangjian & family
- Zeng Yuqun
- William Ding Lei
- Li Ka-shing & Victor Li Tzar Kuoi
- Lee Shau Kee & family
- Jack Ma Yun & family
