TikTok's growing global popularity has seen the co-founder of its parent company, ByteDance, become the richest person in China.
According to a rich list compiled by the Hurun Research Institute, Zhang Yiming is now worth $49.3 billion (£38 billion), 43% more than in 2023.
The 41-year-old stepped down as head of the company in 2021, but reportedly owns around 20% of the company.
TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries over its ties to the Chinese state.
While both companies insist on their independence from the Chinese government, the United States intends to ban TikTok in January 2025 unless ByteDance sells it.
Despite this intense pressure in the United States, ByteDance's global profits increased by 60% last year, increasing Zhang Yiming's personal fortune.
“Zhang Yiming is the 18th new number one we have in China in just 26 years,” said Hurun director Rupert Hoogewerf.
“The United States, by comparison, has only four number ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.
“This gives an indication of the dynamism of the Chinese economy.”
Mr. Zhang is not the only representative of China's huge technology sector on the list.
Pony Ma, boss of tech conglomerate Tencent, is third on the list with an estimated personal wealth of £44.4 billion.
But their fortunes cannot be explained solely by the success of their businesses: their rivals made fewer profits in a year in which China's economy stagnated.
In fact, only about 30% of the people on the list saw their net worth increase – the rest saw their net worth decrease.
“The Hurun China Rich List declined for an unprecedented third consecutive year as China's economy and stock markets suffered a difficult year,” Hoogewerf said.
“The number of people on the list has decreased by 12% over the past year to just under 1,100 people and is down 25% from the high point of 2021.”
He said data showed the year had been good for smartphone makers such as Xiaomi, while the green energy market had stumbled.
“Manufacturers of solar panels, lithium batteries and electric vehicles had a difficult year, as competition intensified, leading to a glut, and the threat of tariffs added to uncertainties,” he said. he declared.
“Solar panel makers saw their wealth decline by 80% from the 2021 peak, while battery and electric vehicle makers fell by half and a quarter, respectively.”
