In brief
The tech landscape in China is shifting, with TikTok's co-founder, Zhang Yiming, leading the pack as the country's richest person amidst economic challenges.
TikTok's massive global success has propelled Zhang Yiming, co-founder of its parent company ByteDance, to become the wealthiest person in China, according to the latest Hurun Research Institute's rich list. His fortune is now estimated at $49.3 billion (£38 billion), marking a 43% increase since last year. Zhang, who stepped down as CEO in 2021, still owns around 20% of ByteDance. TikTok, while facing scrutiny regarding its connections to the Chinese government, has flourished worldwide. The U.S. plans to impose a ban in January 2025 unless ByteDance divests TikTok, yet the company’s global profits surged by 60% last year, boosting Zhang's wealth.Rupert Hoogewerf, head of Hurun, emphasized that Zhang is the 18th new individual to top the list in 26 years, compared to only four in the U.S. This highlights the vibrant dynamics in the Chinese economy. Zhang isn't alone among tech titans; Pony Ma of Tencent ranks third with a fortune of £44.4 billion. However, fortunes have fluctuated due to challenging economic conditions in China, with only about 30% of the rich list seeing an increase in their wealth. According to Hoogewerf, the Hurun China Rich List has declined for three consecutive years due to economic slowdowns, with nearly 1100 individuals listed, a drop of 12% from last year. Meanwhile, smartphone businesses are thriving, even as solar panel, lithium battery, and electric vehicle sectors experience significant setbacks, with losses up to 80% from their 2021 peaks.
