The founder of ByteDance, the parent company of TikTok, Zhang Yiming, has ascended to the top of the Hurun Rich List. According to a report by CNN, in the 2024 Hurun China Rich List released on Tuesday, Zhang Yiming’s wealth is estimated at $49.3 billion, surpassing Zhong Shanshan, the founder of China’s bottled water giant Nongfu Spring, and becoming the new richest person in China.
Zhang Yiming’s wealth increase is primarily attributed to the significant global revenue growth of TikTok, which has gained widespread popularity among young people worldwide, becoming a strong competitor to Instagram. According to Hurun’s data, TikTok has reached 200 million users in the United States. Despite ongoing controversies and lawsuits in the U.S., even figures like Trump and Kamala Harris have created accounts to interact with American citizens, making TikTok an essential platform for creators and micro-businesses.
TikTok’s parent company, ByteDance, has consistently stated that TikTok operates as an independent international company unrelated to Douyin; however, the functionalities of both apps are largely similar. In 2024, according to the Brand Value report by Statista, TikTok’s brand value has reached $84 billion, surpassing Instagram and WhatsApp to become the most downloaded mobile application, with a market valuation of $200 billion.
The largest consensus reached by both the Democratic and Republican parties in the U.S. last year was to strive to either force TikTok out of the country or have it sold to become an American company. In March of this year, President Biden signed a bill giving TikTok 12 months to divest from its Chinese parent company, with the deadline fast approaching. Regardless of whether Trump or Harris wins the next presidential election, TikTok will have to confront this challenge.
TikTok claims that 60% of ByteDance’s shares are held by global institutional investors, including Susquehanna International Group, Carlyle Group, and General Atlantic, while 20% of the shares are held by ByteDance employees and the remaining 20% by founder Zhang Yiming.
Despite Zhang Yiming topping the Hurun Rich List, many other wealthy individuals in mainland China have also “run” (to foreign countries) as the country faces a significant economic downturn, prompting a mass exodus of wealthy individuals overseas.
Rupert Hoogewerf, chairman and chief researcher of Hurun Report, stated that due to a difficult year for the Chinese economy and stock market, the Hurun China Rich List has experienced unprecedented shrinkage for the third consecutive year.
The Hurun China Rich List ranks individuals based on net assets in U.S. dollars, and the wealth of Chinese billionaires has significantly decreased, with the total wealth of entrepreneurs on the list amounting to $3 trillion, down 10% from the previous year.
According to a report by investment migration firm Henley & Partners, due to uncertainties from the real estate crisis, AI chip regulations, geopolitical and economic downturns, 13,800 high-net-worth individuals left China last year, with most migrating to the United States, Canada, and Singapore. These individuals, referred to as HNWI, are defined as having at least $1 million in assets, while the wealthiest among them typically possess between $30 million and $1 billion.