Zhang Yiming, the 41-year-old co-founder of TikTok’s parent company ByteDance, is now the richest person in China. He topped the 2024 Hurun China Rich List, released on October 29, with a net worth of $49.3 billion, according to the Hurun Inc. research and media group.
Zhang’s wealth surge follows a 30% increase in ByteDance’s global revenue last year, reaching $110 billion. Since TikTok’s official launch in May 2017, it has gained massive global popularity and has become a defining social media platform among young users worldwide.
Zhang, who owns 20% of ByteDance, co-founded the company with his college roommate Liang Rubo in Beijing in 2012. He stepped down as CEO in 2021 after transforming ByteDance into a leading name in the Chinese tech industry. In addition to TikTok, ByteDance also owns the popular news app Toutiao and Douyin, TikTok’s counterpart in China.
Zhang’s rise to the top of the list has pushed Zhong Shanshan, known as the “bottled water king,” to second place for the first time in three years.
