Zhang Yiming Named China's Richest Person

Zhang Yiming, co-founder of TikTok's parent company ByteDance, has emerged as China's richest person with a net worth of $49.3 billion, according to the latest Hurun China Rich List. His wealth reflects a significant increase in ByteDance's revenue, which rose by 30% in 2023, reaching $110 billion. Despite this rise, the number of billionaires in China has declined sharply, with 142 fewer billionaires this year, bringing the total to 753, a steep drop from a peak of 1,185 in 2021. This decline is attributed to economic challenges and weak stock market performance. The report indicates a broader trend, with India experiencing growth in its billionaire count, in stark contrast to China's situation. Zhang, who stepped down as CEO in 2021, retains a 20% stake in ByteDance, which also operates the popular news app Toutiao and Douyin, its Chinese counterpart to TikTok.