China’s economic landscape has crowned a new wealth leader, a symbolic rise reflecting both the global influence of technology and the country’s changing economic tides. Zhang Yiming, the co-founder of ByteDance, has been named the richest person in China, a distinction he owes to his role in creating TikTok, one of the world’s most popular social media platforms. According to the 2024 Hurun China Rich List, published on Tuesday, Zhang’s net worth has now reached $49.3 billion, an achievement that follows years of surging revenue for ByteDance, which recorded a 30% increase last year alone, totaling $110 billion.
Zhang, 41, represents the growing global ambition of Chinese technology entrepreneurs. Having co-founded ByteDance in 2012 with his college roommate Liang Rubo, Zhang has seen his company become a household name and a benchmark for other Chinese firms eager to enter the international arena. The app’s massive popularity, particularly among younger audiences, has made TikTok both a social media powerhouse and a cultural phenomenon. Since its global launch in May 2017, TikTok has attracted nearly 200 million users in the United States, further solidifying Zhang’s prominence on the global stage.
Despite TikTok’s popularity, the platform has not escaped scrutiny. In the United States, the company is entangled in several legal challenges, primarily concerning alleged failures in protecting the privacy of younger users. Additionally, ByteDance and TikTok are defending against a recent law that could lead to a nationwide ban if TikTok does not divest its U.S. operations. This legislation, enacted in April, underscores a broader concern from U.S. officials that TikTok’s connections to China may potentially expose Americans’ data to the Chinese government. Both ByteDance and TikTok have staunchly refuted these accusations, maintaining their commitment to data privacy and distancing themselves from any government interference. Such concerns, however, reflect an intensifying competition between the United States and China, particularly over the reach and impact of technology companies in global markets.
National security apprehensions regarding TikTok extend beyond the U.S. India was among the first to ban TikTok entirely, citing security risks. Western allies such as the United Kingdom, Canada, and Australia have implemented restrictions on its use across government devices. Yet, regulatory actions have had limited impact on the platform’s sustained popularity worldwide. TikTok remains widely used and continues to expand, serving as a testament to Zhang’s vision and the app’s distinctive appeal.
The Hurun list not only underscores Zhang’s individual success but also highlights the shifting dynamics of wealth in China. Zhong Shanshan, previously ranked as China’s richest person and often referred to as the “bottled water king” due to his success with beverage giant Nongfu Spring, now ranks second behind Zhang. Zhong’s fortunes have fluctuated amidst criticisms from Chinese nationalists who accused him of insufficient patriotism. A campaign challenging his loyalty impacted the share price of his company earlier this year, adding another layer of complexity to China’s corporate and social environment.
Pony Ma, the founder of Tencent, one of China’s largest multimedia and entertainment firms and owner of the ubiquitous messaging app WeChat, now ranks third on the list. While Tencent remains a powerful player in the tech sector, the Hurun report reveals a gradual shift away from traditional industries toward newer sectors like technology, consumer electronics, cross-border e-commerce, and healthcare.
The broader economic picture in China, however, reveals troubling trends. While Zhang’s ascent showcases the success of China’s tech innovators, the country has seen a significant reduction in its total number of billionaires. The Hurun report noted that the number of U.S.-dollar billionaires in China dropped by 142 from last year, bringing the total to 753. Since 2021, China has lost 432 billionaires, indicating a more challenging environment for wealth accumulation among the country’s wealthiest individuals.
A combination of factors has contributed to this decline, with analysts attributing the reduction to ongoing economic pressures within China. Hurun Report chairman Rupert Hoogewerf described the past year as challenging, marked by a slow recovery in consumer spending, a protracted real estate crisis, and rising local government debt. The nation’s economic landscape has been complicated by these internal issues, which have in turn fueled concerns about the future trajectory of China’s economy, the world’s second-largest.
Hoogewerf noted that the list of China’s wealthiest individuals, which has shrunk for the third consecutive year, now includes 1,094 individuals, each with a net worth of at least 5 billion yuan (approximately $700 million) as of August. These figures encompass residents of mainland China as well as individuals from Hong Kong, Macao, and Taiwan, underscoring the interconnected economic realities within the region. Compared to the peak in 2021, when the list featured 1,465 names, the 25% reduction is a stark indicator of the shifting economic environment.
The shift within China’s billionaire ranks points to a broader transformation in the nation’s economic landscape. Traditional industries, such as real estate, which once defined wealth creation in China, have been gradually replaced by sectors focused on technology and innovation. As China’s economic foundation evolves, it’s the pioneers in tech, new energy, and consumer electronics who are emerging as the new powerhouses, charting a course that speaks to both the country’s challenges and its ambition.
While Zhang Yiming’s achievement is a personal milestone and a symbol of Chinese tech innovation, it is also part of a larger narrative about China’s economic recalibration.
