ByteDance founder Zhang Yiming has become the richest person in China after his personal wealth crossed $49 billion.
According to Reuters, the annual list of rich people, Hurun China Rich List, on Tuesday, October 29, 2024, showed that TikTok's parent company owner has topped the list with $49.3 billion in personal wealth.
The 41-year-old, who stepped down as the CEO of ByteDance in 2021, became the 18th individual in 26 years to become the richest person in China.
Hurun said that the global revenue of the technology company grew 30% last year to $110 billion, despite a legal battle with the US.
Moreover, the number of billionaires in China has shrunk by 142 to 753 in 2024, which is 30% less than the number in 2021.
Hurun Report Chairman Rupert Hoogewerf noted, “China’s economy and stock markets had a difficult year... 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.”
“Solar panel makers saw their wealth down as much as 80% from the 2021 peak, while battery and EV makers were down by half and a quarter, respectively," he further added.
Furthermore, the second person on the list is water magnate Zhong Shanshan, who slipped from first place after his wealth dropped 24% to $47.9 billion.
