Zhang Yiming, the co-founder of TikTok’s parent company ByteDance, has emerged as China's richest individual, according to the 2024 Hurun China Rich List released on October 29. At 41 years old, Zhang's wealth is estimated at $49.3 billion, marking a significant milestone for the entrepreneur.
This surge in Zhang's fortune coincides with ByteDance's impressive global revenue growth, which rose by 30% last year, reaching $110 billion, as reported by Hurun Inc. TikTok, launched in May 2017, has rapidly gained worldwide popularity, establishing itself as a defining social media platform for young audiences globally.
Zhang, who holds a 20% stake in ByteDance, co-founded the company in Beijing in 2012 alongside his college roommate, Liang Rubo. He stepped down as CEO in 2021 after transforming ByteDance into one of the most influential players in the Chinese tech industry. The company also operates Toutiao, a popular news app in China, as well as Douyin, TikTok's domestic counterpart.
Zhang's rise to the top of the rich list has dethroned Zhong Shanshan, known as China’s "bottled water king," who held the number one position for the past three years but now ranks second.
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