Zhang Yiming, founder of ByteDance, the parent company of video-sharing app TikTok, has become China's richest person for the first time, according to a 2024 billionaires list published today.
According to Hurun magazine, known as "Chinese Forbes", Zhang's fortune reaches 350 billion yuan (45.36 billion euros), making him the first billionaire born in the 1980s to reach the top of the world. list, after having risen four places, compared to the 2023 classification.
Hurun noted that the businessman's wealth increased by 105 billion yuan (13.6 billion euros) year-on-year, a 43% increase, driven by the global success of his digital platforms, especially TikTok.
Zhang, who founded ByteDance in 2012, has transformed the entertainment and social media sector both in China and internationally.
However, TikTok, its best-known platform around the world, faces heavy scrutiny in the United States due to allegations of harm to children's mental health, privacy violations and security risks linked to its Chinese parent company, ByteDance, and the possible influence from the Chinese Government.
Hurun's report revealed that despite ByteDance's growth, the overall list reflects a more challenging economic scenario: just 1,094 entrepreneurs exceeded 5 billion yuan (648 million euros) in personal wealth, a drop of 12%, compared to 2023.
The total wealth of businesspeople included in this list decreased by 10% to 21 trillion yuan (2.7 trillion euros).
The "king of bottled water", Zhong Shanshan, with a fortune of 340 billion yuan (44.07 billion euros), gave up the first step on the podium of Chinese millionaires, after four years at the top of the list.
In third place is Ma Huateng, founder of video game and networking company Tencent, with 315 billion yuan (40.8 billion euros), after a 13% increase in his wealth.
Huang Zheng, founder of Pinduoduo, the Chinese e-commerce giant and operator of the international app Temu, fell to fourth place with 245 billion yuan (31.75 billion euros), affected by a 9% decrease in his wealth .
Among the new names, the family of real estate magnate Li Ka-shing stands out, which entered the top 10 for the first time with 175 billion yuan (22.68 billion euros).
Lei Jun, founder of the technology company Xiaomi, increased his fortune by 38%, reaching 130 billion yuan (16.85 billion euros).
By city, Beijing, Shanghai and Shenzhen have the highest number of entrepreneurs on the list, with 115, 112 and 108 respectively.
