The founder of TikTok has become the richest man in China
TikTok’s growing global popularity led to co-founding its parent company, ByteDancebecame the richest person in China.
According to a list compiled by the Hurun Research Institute, Zhang Yiming is now worth $49.3 billion (£38 billion) – a 43 percent increase from 2023.
Jiming left his position at the head of the company in 2021, but is believed to own about 20 percent of the company.
TikTok has become one of the most popular social media apps in the world, despite deep concerns in some countries about its ties to the Chinese state.
Wealth and profit
Although both companies insist they are independent from the Chinese government, the US intends to ban TikTok in January 2025 unless ByteDance sells it.
Despite facing intense pressure in the US, ByteDance’s global profits rose by 60 percent last year and thus increased Zang Jiming’s personal wealth, he writes BBC.
TikTok (Unsplash)
“Zang Jiming is the 18th number one we’ve had in China in just 26 years. The US, by comparison, has only four number ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. This gives an indication of the dynamism in the Chinese economy,” said Hurun boss Rupert Hugewerf.
Other rich people from China
Zang is not the only representative of China’s vast technology sector on the list.
Pony Ma, head of tech conglomerate Tencent, is third on the list with an estimated personal fortune of £44.4 billion.
But their wealth is not only explained by the success of their companies. Competitors earned less in a year when China’s economy stagnated.
Actually, just about 30 percent of the people on the list had an increase in their net worth, but the rest recorded a decline.
“China’s rich list has shrunk for an unprecedented third year in a row as the Chinese economy and stock markets have had a tough year. The number of people on the list has decreased by 12 percent in the past year to slightly less than 1,100 individuals and 25 percent compared to 2021,” Hoogeverf said.
Wealth (Unsplash)
Manufacturers of smartphones, solar panels, electric vehicles
He said the data showed it was a good year for smartphone makers such as Xiaomi, while the green energy market faltered.
“Manufacturers of solar panels, lithium batteries and electric vehicles have had a challenging year, as competition intensified, leading to a glut, and the threat of tariffs added to the uncertainty. “Solar panel manufacturers reduced their wealth by as much as 80 percent compared to the peak in 2021, while battery and electric vehicle manufacturers reduced by half and a quarter,” he added.
Source: BIZLife
Photo: Chinatopix Via AP
Source: bizlife.rs
