World

TikTok Founder Zhang Yiming Rises To China’s Richest As Billionaire Count Shrinks

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.

Shukriya Shahi

I am a seasoned journalist at "Daily Guardian", known for delivering impactful stories across politics, world affairs, and entertainment. With a sharp eye for detail and a flair for storytelling, I craft articles that inform, inspire, and captivate readers. Committed to journalistic excellence, I thrive on uncovering the stories that matter most.

Recent Posts

Sanjay Roy convicted in RG Kar rape-murder case of trainee doctor by Sealdah court in Kolkata.

Sanjay Roy found guilty of raping and murdering a junior doctor at RG Kar Hospital,…

1 minute ago

BCCI announces India’s Champions Trophy squad; Rohit to lead, Bumrah’s inclusion depends on fitness.

Rohit Sharma leads India's Champions Trophy squad; Jasprit Bumrah's inclusion depends on fitness, Harshit Rana…

8 minutes ago

Mukesh and Nita Ambani to Attend Donald Trump’s Inauguration Ceremony

Mukesh and Nita Ambani will witness Donald Trump's inauguration as the 45th US President at…

18 minutes ago

₹86,000 Dior Sandals’: Man Shares Heartwarming Experience of Buying Luxury Footwear for His Mom

A man buys ₹86,000 Dior slides for his mom, dividing Instagram with mixed reactions on…

39 minutes ago

Mexico’s Migrant Crisis: Fighting Violence and Healing Trauma

In recent years, a disturbing rise in violence against migrants has been reported across various…

49 minutes ago

Elon Musk Reacts to Claims Around Suchir Balaji’s Death: ‘Extremely Concerning’

OpenAI expressed heartbreak over the death of Suchir Balaji, who accused the company of violating…

49 minutes ago