Meet China’s richest man, no match for Mukesh Ambani, Gautam Adani, his net worth is Rs…, he is founder of…

Zhang is one of the richest individuals in the world, with an estimated net worth of USD 45.6 billion as of October 2024, according to Forbes and USD 43.1 billion according to Bloomberg Billionaires Index

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Published: October 30, 2024, 10:28 AM IST

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https://www.india.com/business/zhang-yiming-richest-man-in-china-founder-of-tiktok-app-hurun-china-rich-list-forbes-7360109/ Copy

New Delhi: Zhang Yiming, the 41-year-old cofounder of the Tiktok’s parent company ByteDance, become China’s richest person. On Tuesday, Hurun Research Institute’s Hurun China Rich List 2024 was released, Zhang topped the chart with USD 49.3 billion. The immense popularity of TikTok has helped Zhang to top the list. He is the 18th person to hold the superlative of China’s richest man since 1999, the year the list was founded.

The tech founder usurped Zhong Shanshan, founder of bottled water giant Nongfu Spring, from the top of the list, a spot he held for three years.

Tiktok and Its popularity:

• ByteDance is estimated to have a valuation topping $225 billion, having brought in $110 billion in revenue last year.
• ByteDance owns news platform Toutiao and TikTok’s Chinese sister app Douyin
• TikTok is responsible for about YSD 100 billion of the company’s value, according to Wedbush Securities
• According to the DemandSage, beyond its algorithm, TikTok has topped 150 million monthly active users (MAUs) in 2023 and is estimated to have over 1 billion global MAUs
• TikTok’s popularity persists in the face of a potential U.S. ban for continuing to refuse to sell itself to a non-Chinese owner by Jan. 19.
• The U.S. government warned ByteDance it is a potential national-security risk and that China had the potential to access American users’ data.
• Zhang stepped down as ByteDance CEO in 2021, but still owns about 20% of the company.
• The total wealth measured on the Hurun China Rich List this year amounted to $3 trillion, a 10% dip from last year.
• The number of billionaires on the list, as measured in U.S. dollars, dropped from 1,185 in 2021 to 753 this year amid mounting fears of the slowing long-term growth of China’s economy.

All You Need To Know About Zhang Yiming

Zhang Yiming is a Chinese internet entrepreneur.

He founded ByteDance in 2012, developed the news aggregator Toutiao and the video sharing platform Douyin

Douyin is internationally known as TikTok

Zhang is one of the richest individuals in the world, with an estimated net worth of USD 45.6 billion as of October 2024, according to Forbes and USD 43.1 billion according to Bloomberg Billionaires Index

On November 4, 2021, Zhang stepped down as CEO of ByteDance, completing a leadership handover announced in May 2021. According to Reuters, Zhang maintains over 50 percent of ByteDance’s voting rights.