Proof of the success that TikTok is experiencing. Zhang Yiming, founder of Byte Dance, the parent company of the Chinese social network, is the new richest man in China with a personal fortune of 49.3 billion dollars (more than 45 billion euros), according to the new ranking published by Hurun Research Institute this Tuesday.
Despite a legal battle over its U.S. assets, Byte Dance’s global revenue rose 30% last year to $110 billion, according to the institute, helping to propel the personal fortune of the new hottest man rich in China.
However, the 41-year-old resigned as chief executive of Byte Dance in 2021, but he reportedly owns around 20% of the company’s shares. Zhang Yiming becomes the 18th person to top the ranking in the 26 years since it was first published. “The United States, by comparison, has only four number ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. This gives an idea of the dynamism of the Chinese economy,” said Hurun director Rupert Hoogewerf.
A decline in the number of Chinese billionaires
He overtook bottled water tycoon Zhong Shanshan, whose fortune fell 24% in a year, and now finds himself in second place with $47.9 billion. In third place is Ma Huateng, aka Pony Ma, founder of Tencent Holdings, a company specializing in Internet services and video games.
The fortunes of these men at the top of the list can be explained not only by the success of their companies, but also by the fact that their rivals earned less during a year when China’s economy struggled. Indeed, the number of Chinese billionaires named on the list fell by 142 to reach 753, a drop of more than a third compared to its peak in 2021. For the third year in a row, the number of Chinese billionaires is in decline, a great first.
Only 30% of people on the list saw their net worth increase this year. The most spectacular declines in fortunes have been recorded in the Chinese real estate sector as well as the green energy market, unlike the electronics sector which is experiencing rapid growth, like the smartphone manufacturer Xiaomi.
