Asia From TikTok to Rich List: Zhang Yiming Named China's Wealthiest in 2024

Zhang Yiming, co-founder of ByteDance, now ranks as China's richest person, with a net worth of $49.3 billion, according to the Hurun China Rich List 2024. ByteDance’s success, fueled by TikTok and other popular apps, has driven Zhang's rise in wealth, surpassing previous leader Zhong Shanshan.

Zhang Yiming, the 41-year-old co-founder of ByteDance, the parent company of TikTok, has become China’s wealthiest individual, topping the 2024 Hurun China Rich List. With an estimated net worth of $49.3 billion, Zhang's financial ascent is attributed to ByteDance's remarkable 30% growth in global revenue, reaching $110 billion last year.

TikTok, launched in 2017, quickly became a global phenomenon, attracting millions worldwide, particularly younger audiences. Zhang owns 20% of ByteDance, which he founded in 2012 with his college roommate, Liang Rubo, in Beijing. Although Zhang stepped down as CEO in 2021, his vision solidified ByteDance's place among China’s tech giants, managing popular platforms like Douyin (China's version of TikTok) and news app Toutiao.

Zhang's new title unseats Zhong Shanshan, the "bottled water king," who had held the top spot for three years and now ranks second. Zhang’s rise underscores the growing global influence of ByteDance and its impact on modern digital media.