Zhang Yiming Takes Crown as China's Richest Amid Billionaire Decline

Zhang Yiming, co-founder of ByteDance, TikTok's parent company, is now China's wealthiest person with a net worth of USD 49.3 billion. Despite TikTok's global success, Chinese billionaires decreased by 142 to 753, due to a challenging economy. Traditional sectors declined, giving way to tech and new industries.

Zhang Yiming, the co-founder of ByteDance, the parent company of TikTok, has emerged as the richest individual in China, with a net worth estimated at USD 49.3 billion. According to CNN, the findings by research and investment group Hurun Inc. highlight his financial ascent amid TikTok's 30% revenue growth in 2023.

Since its launch in 2017, TikTok has achieved significant global traction. Yet, it faces legal challenges in the US over child protection concerns and a ban in India over security threats. In addition, many Western nations, including Britain and Canada, restrict TikTok's usage on official devices, as reported by CNN.

The number of Chinese billionaires fell by 142, now totaling 753. Hurun's report attributes this downturn to economic difficulties. Rupert Hoogewerf noted a shift from traditional sectors like real estate to tech and new industries, evident in the declining number of high-net-worth individuals since the 2021 peak.

(With inputs from agencies.)