TikTok Founder Zhang Yiming Becomes China’s Richest Man
ByteDance's co-founder sees staggering wealth growth amid global scrutiny and a challenging economic landscape
- His net worth has surged to $49.3 billion, making him the richest person in China
- Despite U.S. scrutiny, ByteDance reported a 60% profit increase last year
- The Hurun Rich List shrank for the third year in a row
Zhang Yiming, the mastermind behind the global sensation TikTok, has ascended to the pinnacle of China’s wealth ladder.
The 41-year-old tech titan’s net worth soared by 43% in 2023, solidifying his position as China’s richest individual, according to the Hurun Research Institute.
Despite stepping down from his CEO role in 2021, Yiming retains a significant stake in ByteDance, the parent company of TikTok.
The app’s meteoric rise, coupled with ByteDance’s overall success, has propelled Yiming’s fortune to staggering heights.
However, TikTok’s popularity has also drawn scrutiny from governments worldwide, particularly the US, which has expressed concerns over potential data security risks and the app’s ties to the Chinese government.
Despite these challenges, ByteDance’s global profits surged by 60% last year, further boosting Yiming’s wealth.
This remarkable achievement highlights the immense potential of China’s tech industry and the impact of innovative platforms like TikTok on the global stage.
