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China’s newest richest individual is the mastermind behind TikTok, the app that has taken the world by storm. This change in wealth dynamics Stresses the important role of tech entrepreneurs in today’s economy, as well as the growing importance of social media platforms in driving both innovation and financial success.
On October 29, the 2024 Hurun China Rich List revealed that Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, is now the richest individual in China. This accolade not only highlights his entrepreneurial achievements but also emphasizes the growing dominance of technology companies in the global economic ecosystem.
According to Hurun Inc., the esteemed research and investment group that evaluates the fortunes of China’s wealthiest, Zhang Yiming’s wealth has reached $49.3 billion. This remarkable valuation emphasizes the financial success associated with tech entrepreneurship and the impact of digital platforms like TikTok on wealth creation.
Zhang Yiming’s climb to wealth prominence comes on the heels of ByteDance’s impressive 30% increase in global revenue, which soared to $110 billion last year, according to Hurun. This growth not only underscores the company’s operational success but also reinforces the potential of digital platforms in driving economic expansion.
Since its official launch in May 2017, TikTok has been catapulted to mass global popularity as well as becoming an era-defining social media platform beloved by many young people around the world.
Read also: Leaked TikTok Papers Show Focus On Traffic, Not Well-Being
Zhang owns 20% of ByteDance, which he co-founded with college roommate Liang Rubo in Beijing in 2012. He stepped down as its CEO 2021 after building ByteDance into one of the biggest names in Chinese tech.
ByteDance also holds China’s popular news app Toutiao and Douyin, TikTok’s sister app in China.
Zhang’s rise to the top of the rich list knocked China’s “bottled water king” Zhong Shanshan out of the lead spot for the first time in three years, though he remained second.