Zhang Yiming, the visionary behind the global sensation TikTok, has claimed the top spot on China’s 2024 Hurun Rich List. This significant move comes as a result of ByteDance’s robust performance, despite ongoing legal battles in the US.
Zhang’s net worth has hit $49.3 billion, surpassing last year’s richest man, Zhong Shanshan, whose fortune dipped 24% to $47.9 billion. This marks Zhang’s inaugural appearance at the summit of China’s wealth ladder, making him the 18th individual to hold the title in the list’s 26-year history.
ByteDance’s global revenue reportedly soared 30% to $110 billion in 2023, marking its position as a tech titan. However, the broader Chinese economy faced challenges, leading to a contraction in the Hurun Rich List for the third consecutive year.
Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, attributed the decline to a tough year for China’s stock market and economy, including sectors like solar panels, lithium batteries, and electric vehicles, particularly impacted by increased competition, oversupply, and potential tariffs.
