Photo credit: Reuters

The global surge in TikTok's popularity has propelled Zhang Yiming, the co-founder of its parent company ByteDance, to the top of China's rich list.

According to the Hurun Research Institute, Zhang Yiming's net worth has soared to $49.3 billion, marking a 43% increase from 2023.

Despite stepping down from his leadership role at ByteDance in 2021, Zhang retains ownership of around 20% of the company.

TikTok's meteoric rise has made it one of the world's most popular social media apps, although it faces scrutiny and concerns in some countries regarding its ties to the Chinese government.

Both ByteDance and TikTok assert their independence from the Chinese state, yet the U.S. plans to ban TikTok in January 2025 unless ByteDance divests its ownership.

ByteDance has defied the pressure in the U.S., with its global profits increasing by 60% last year, significantly boosting Zhang Yiming's personal fortune.

"Zhang Yiming is the 18th new Number One we have had in China in just 26 years," noted Rupert Hoogewerf, head of Hurun.

He highlighted the dynamism in the Chinese economy by comparing this with the U.S., which has had only four top names: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.

Zhang is not the only tech mogul on the list. Pony Ma, head of Tencent, ranks third with an estimated wealth of £44.4 billion.

Their fortunes, however, are not just a result of their companies' success; rivals have seen diminished earnings in a year marked by economic challenges in China.

Only about 30% of individuals on the rich list saw an increase in their net worth, while the majority experienced a decline.

"The Hurun China Rich List has shrunk for an unprecedented third year running, as China’s economy and stock markets had a difficult year," said Hoogewerf.

The list saw a 12% decrease in the number of individuals in the past year, falling to just under 1,100 people, a 25% drop from its peak in 2021.

Data from Hurun highlighted that while smartphone manufacturers like Xiaomi had a successful year, the green energy sector faced significant challenges.

“Solar panel, lithium battery, and EV makers have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties," Hoogewerf explained. "Solar panel makers saw their wealth decline by as much as 80% from the 2021 peak, while battery and EV makers were down by half and a quarter, respectively."