Proof of the success that TikTok is experiencing. Zhang Yiming, founder of Byte Dance, the parent company of the Chinese social network, is the new richest man in China with a personal wealth of 49.3 billion dollars (more than 45 billion euros), according to the new ranking published by Hurun Research Institute this Tuesday.
Despite a legal battle over its assets in the United States, Byte Dance’s global revenue rose 30% last year to $110 billion, according to the institute, helping to push the new richest man’s personal fortune and the China fashion.
However, the 41-year-old stepped down as CEO of Byte Dance in 2021, but reportedly owns around 20% of the company’s shares. Zhang Yiming becomes the 18th person to reach the top of the chart in the 26 years since its first release. “The United States, in comparison, has only four number ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. This gives an idea of the dynamism of the Chinese economy,” said Hurun director Rupert Hoogewerf.
A decline in the number of Chinese billionaires
He overtook bottled water tycoon Zhong Shanshan, whose fortune has plummeted 24% in a year, and is now in second place with $47.9 billion. In third place is Ma Huateng, aka Pony Ma, founder of Tencent Holdings, a company specializing in Internet services and video games.
The fortunes of these men at the top of the list can be explained not only by the success of their companies, but also by the fact that their rivals earned less in a year when China’s economy suffered. In fact, the number of Chinese billionaires mentioned on the list fell by 142 to 753, a decline of more than a third from the 2021 peak. For the third consecutive year, the number of Chinese billionaires is declining, a excellent first.
Only 30% of people on the list saw their net worth increase this year. The most spectacular declines in fortune have been seen in China’s real estate and green energy markets, as opposed to the electronics sector which is experiencing rapid growth, such as smartphone maker Xiaomi.
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R respective companies but also by the broader trends in the Chinese economy. While Zhang Yiming’s ascension to the title of the richest man in China highlights the success of TikTok and Byte Dance, it also reflects the continual evolution of the tech landscape in the country.
Despite ongoing challenges such as legal battles and regulatory scrutiny, Byte Dance’s impressive 30% revenue growth indicates a robust demand for its products and services. The global revenue of $110 billion underscores the company’s pivotal role in shaping digital communications and entertainment, not just in China but worldwide.
Zhang’s wealth surpassing that of Zhong Shanshan, who has experienced a significant drop in his fortune, paints a picture of fluctuating dynamics among Chinese billionaires. Zhong’s net worth, now at $47.9 billion after a 24% decrease, and the position of Ma Huateng of Tencent, shows a competitive landscape where fortunes can rise and fall rapidly based on market performance and external factors.
The Hurun Research Institute’s report, which highlights the impressive rise of Chinese billionaires—18 individuals have achieved the status since the ranking began 26 years ago—also raises questions about the future trajectories of wealth accumulation in the country. The comparative scarcity of billionaires in the United States underscores the distinct economic contexts and opportunities present in each nation.
as the Chinese economy continues to exhibit dynamism, the profiles of its wealthiest individuals will evolve, influenced by their business strategies and the ever-changing market conditions in the digital age.