Founder of TikTok's Parent Company Becomes China's Richest Person with Nearly $50 Billion Fortune

Zhang Yiming, the founder of ByteDance, has emerged as China's wealthiest individual, boasting a personal fortune of $49.3 billion, according to an annual wealth report released on Tuesday. This development comes despite a challenging year for others in the real estate and renewable energy sectors.

At 41 years old, Zhang, who stepped down as ByteDance's CEO in 2021, marks the 18th person to hold the title of China's richest since the Hurun China Rich List began 26 years ago. He surpassed Zhong Shanshan, the bottled water tycoon, who fell to second place as his wealth declined by 24% to $47.9 billion.

Despite facing a legal dispute regarding its assets in the United States, ByteDance saw its global revenue surge by 30% last year, reaching $110 billion, which significantly contributed to Zhang's wealth.

The third spot on the list is held by Tencent's discreet founder, Pony Ma, while Colin Huang, the founder of PDD Holdings, dropped from third to fourth place, even as his company's discount-driven e-commerce platforms continued to show robust revenue growth.

The number of billionaires listed has decreased by 142, bringing the total down to 753, marking a decline of more than a third from the peak in 2021. Rupert Hoogewerf, Chairman of the Hurun Report, noted that "China's economy and stock markets had a difficult year."

He highlighted that the most significant declines in wealth have come from the real estate sector, while the consumer electronics industry is experiencing rapid growth. However, he pointed out that solar panel, lithium battery, and electric vehicle manufacturers have faced tough conditions, leading to excess inventory and the uncertainties posed by tariffs.

Wealth among solar panel producers has plummeted by as much as 80% since the peak in 2021, while battery and electric vehicle manufacturers have seen declines of 50% and 25%, respectively.