TikTok Founder Tops China’s Richest Person List As App Surges In Global Popularity

TikTok is certainly one of the world’s most popular social media platforms and that might be one of the many reasons why its founder just topped China’s Richest Person List.

Thanks to Harun Research Institute’s latest findings, Zhang Yiming is worth a staggering $49.3 billion. In case you’re wondering, that’s a massive 43% more growth in wealth than seen last year.

The 41-year-old was seen stepping down from the leading position of leading the firm in 2021 but he still owns a 20% share in the platform. This is despite the news that the app is also very controversial where a ban still looms in the US over questionable links of its parent firm with China’s Government.

TikTok has time and time again insisted that it’s an independent entity but the US isn’t convinced. They’ve given a deadline for separation from ByteDance or the possibility of a total ban in the US. The former does not seem to be on the cards, the company did confirm previously.

Despite the massive scrutiny, TikTok’s parent company did see a global surge in profit by 60% in 2023. This certainly helps increase Zhang’s personal fortune. Zhang is also the country’s 18th new member to hit the richest person list, unlike the US which only has four number ones. In case you’re wondering who they are, it’s Musk, Bezos, Gates, and Buffett. Hence, it just goes to show how dynamic the company’s economy is unlike others.

Zhang is clearly not the only member making it big in China’s massive tech industry list. The boss of tech giant Tencent, Pony Ma is number one on the list with wealth hitting the 44B pound mark. One interesting point worth mentioning is how the success is not solely retained to their firm’s success. We’ve seen rivals make less in a single year.

As per the report, 30% of those on the list saw a net worth increase while others were in decline. The number of people on the list went down 12% in 2023 to reach just 1100 people and 25% from the higher part of 2021.

Data shows how it was a great year for those in the smartphone industry like Xiaomi. Other industries like those involved in producing green energy sources like solar panels and EV producers faced more challenges thanks to the rise in competition and higher taxation.


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