Zhang Yiming, the founder of ByteDance, which owns TikTok, has achieved a notable milestone by becoming the richest person in China for the first time, according to the Bloomberg Billionaires Index. His net worth is reported to be $57.5 billion, reflecting an increase of $13.6 billion since the beginning of the year. Following Zhang on the list are Ma Huateng, founder of Tencent, with a net worth of $56.6 billion, and Zhong Shanshan, owner of a beverage company, valued at $54.1 billion.
In the broader Asian context, Zhang ranks as the third richest individual, surpassed only by Mukesh Ambani of India, whose wealth is estimated at $90.9 billion, and Gautam Adani, valued at $72.3 billion.
Zhang holds a 21% stake in ByteDance, and TikTok, the company’s flagship short video platform, has amassed over 1 billion users. Additionally, ByteDance’s AI chatbot, Doubao, has garnered more than 75 million active users. In 2021, Zhang transitioned from his role as CEO of ByteDance to become the chairman of the company’s board.
Hao Gao, director of the Global Family Business Research Center at Tsinghua University in China, noted that Zhang distinguishes himself from earlier generations of Chinese billionaires by leading a business that is characterized by innovation and a global perspective.
In a 2017 press conference, Zhang articulated his vision, stating, “The most important thing is that we are not a news business. We are more like a search engine or a social media platform. We are doing innovative work. We are not copying American companies — neither in products nor in technology.”
Despite TikTok’s success, its operations in the United States face uncertainties. The U.S. government has mandated that ByteDance divest its U.S. subsidiary by April 5. Reports suggest that Oracle is among the potential buyers, which could secure guarantees and retain a minor stake in the newly formed U.S. entity while allowing ByteDance to maintain control over TikTok’s core algorithms.