Zhang Yiming, co-founder of TikTok’s parent company, ByteDance, now stands as China’s wealthiest individual with a net worth of $49.3 billion. According to Hurun Inc., ByteDance’s revenue saw a remarkable 30% rise in 2023, reaching $110 billion. TikTok’s journey since its launch in 2017 has been a global success, though it continues to face controversies and legal challenges in markets such as the U.S. and India.
Decline in Chinese Billionaires Amid Economic Struggles
Despite Zhang’s wealth ascent, China’s billionaire count has plummeted. Hurun Inc.’s latest report reveals a drop of 142 billionaires in the country, bringing the total to 753. This downward trend reflects a 25% decline from 2021’s peak of 1,185 billionaires. Rupert Hoogewerf, Hurun’s chairperson, attributes the decline to China’s economic challenges in recent years, describing 2023 as a “difficult year” for China’s wealthy elite.
A Shift from Real Estate to Tech and New Energy
Hurun’s analysis highlights a significant shift from traditional industries to tech-driven sectors. The older generation of real estate developers is making way for leaders in technology, new energy, consumer electronics, e-commerce, and healthcare. ByteDance’s remarkable success is emblematic of this transition, with tech and consumer products now defining China’s top earners.
ByteDance’s Growth Amid Global Scrutiny
While ByteDance’s growth has been substantial, the company faces ongoing scrutiny abroad. In the U.S., TikTok contends with lawsuits concerning child protection and data privacy. It’s already banned in India over security concerns, with other countries like Canada and the UK imposing usage restrictions on government devices. Despite these obstacles, ByteDance remains a key player, propelling Zhang Yiming to the top of China’s wealth rankings.
