TikTok founder becomes China's richest man

Zhang Yiming, the co-founder of ByteDance, has recently been recognized as the richest person in China, thanks to the immense popularity of TikTok, a social media platform that has taken the world by storm. According to a recent report, Zhang's net worth has skyrocketed to an impressive $49. 3 billion, which is a staggering 43% increase compared to the previous year. At just 41 years old, Zhang is believed to own around 20% of ByteDance, the parent company of TikTok. The app has gained a massive following globally, despite ongoing concerns in various countries regarding its connections to the Chinese government. Both TikTok and ByteDance have consistently maintained that they operate independently from the Chinese state, but there are still worries about potential government influence. A significant development is expected in January 2025, as there may be a requirement for ByteDance to sell TikTok if certain conditions are not met. Despite the mounting pressure from the United States, TikTok's growth has continued unabated, contributing to Zhang Yiming's increasing wealth. Rupert Hoogewerf, the head of the Hurun rich list, noted that Zhang Yiming is the 18th individual to claim the title of the richest person in China in just 26 years. In contrast, the United States has only seen four individuals reach this status: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This comparison highlights the dynamic nature of the Chinese economy. Zhang Yiming is not alone in his wealth; Pony Ma, the leader of Tencent, another major tech company, ranks third on the list with an estimated fortune of £44. 4 billion. However, the fortunes of these tech giants are not solely attributed to their companies' successes. Many of their competitors have struggled financially this year, leading to a decline in overall wealth. In fact, only about 30% of the individuals on the rich list experienced an increase in their net worth, while the majority faced losses. The Hurun China Rich List has contracted for an unprecedented third consecutive year, reflecting the challenges faced by China's economy and stock markets. The number of individuals on the list has decreased by 12% over the past year, totaling just under 1,100 individuals, and down 25% from the peak in 2021. Mr. Hoogewerf pointed out that while smartphone manufacturers like Xiaomi have had a successful year, the green energy sector has encountered significant difficulties. Companies involved in solar panels, lithium batteries, and electric vehicles have faced intense competition, resulting in a surplus of products and uncertainty due to potential tariffs. As a result, solar panel manufacturers have seen their wealth decline by as much as 80% from the peak in 2021, while battery and electric vehicle manufacturers have experienced reductions of approximately 50% and 25%, respectively.