Zhang Yiming, founder of ByteDance and architect behind TikTok and Douyin, has ascended to the top of China’s wealth ladder for the first time, securing the number-one position on the Hurun China Rich List for 2024.
With a record net worth of $49.3 billion, the 41 year old Zhang leads a roster that, despite his and a few others’ growth, has seen a notable contraction due to China’s broader economic challenges.
The annual Hurun China Rich List, curated by the Hurun Research Institute, reported a 10% drop in the combined wealth of its members this year, totaling $3 trillion.
This is the third consecutive year that the aggregate net worth of China’s wealthiest has declined, reflecting a challenging economic climate driven by a deceleration in growth, a real estate sector crisis, and a turbulent stock market.
Rupert Hoogewerf, Chairman and Chief Researcher of Hurun, emphasized the rare nature of this downturn, pointing out that the number of billionaires (in U.S. dollar terms) shrank by 142 to 753—underscoring the challenges faced by China’s wealthiest entrepreneurs.
ByteDance’s valuation rise under Zhang’s stewardship has been described as laudable, with revenue reaching $110 billion last year. The 1980s-born billionaire’s ascent to the top marks a generational shift on the list, highlighting the rise of younger tech entrepreneurs in an environment traditionally dominated by older industrial and manufacturing tycoons.
