The title of China’s wealthiest individual has been claimed by the entrepreneur responsible for the immensely popular, albeit controversial, TikTok application.Zhang Yiming, aged 41, who is the co-founder of ByteDance, the parent company of TikTok, was positioned at the top of the 2024 Hurun China Rich List, which was unveiled on Tuesday. His fortune was valued at $49. 3 billion by Hurun Inc, a renowned research and investment group that compiles the list of the wealthiest individuals in the country.According to Hurun, Zhang rose to prominence following a 30% increase in ByteDance’s global revenue to $110 billion last year.Ever since its official launch in May 2017, TikTok has soared to immense worldwide fame, establishing itself as a defining presence in the social media landscape adored by numerous youth across the globe. It has also set a pioneering precedent for Chinese businesses looking to expand into the US and international arenas.However, it is currently entangled in increasing legal disputes in the United States, as Hurun reports a user base of almost 200 million in the country.In the midst of legal challenges, TikTok is currently facing lawsuits at both state and federal levels regarding concerns over the safeguarding of children using the platform. Additionally, TikTok and ByteDance are engaged in efforts to oppose a law that may result in a nationwide prohibition of the app unless TikTok separates its operations in the United States.The recently signed law in April comes after several years of US claims that TikTok’s connections to China may pose a risk of exposing Americans’ personal data to the Chinese government. TikTok vehemently refutes the accusations amidst mounting tensions between China and the US, which have raised broader national security apprehensions regarding Chinese technology companies in the United States. TikTok has denied the accusations regarding child protection.India, which has banned TikTok, also raised national security concerns, as have other countries. Countries like Britain, Canada, and Australia have placed limitations on the use of TikTok on official government devices.However, the regulatory obstacles have had minimal impact on TikTok’s increasing popularity worldwide among users.Zhang holds a 20% stake in ByteDance, the company he co-established with his college roommate Liang Rubo in Beijing back in 2012. In 2021, he gracefully resigned as CEO of ByteDance, which he had previously led to become a prominent player in the Chinese technology industry.ByteDance is also the owner of Toutiao, a widely-used news application in China, as well as Douyin, which is the sister application of TikTok in the Chinese market.Zhang’s ascent to the pinnacle of the rich list surpassed China’s renowned “bottled water king” Zhong Shanshan, who had held the top position for three consecutive years, now gracefully settling into second place.Earlier this year, Zhong encountered a surge of negative comments online from nationalists who criticized him for allegedly lacking in patriotism. This backlash had a significant impact on the share price of his beverage company.Pony Ma, the founder of Tencent, a prominent multimedia and entertainment company that encompasses WeChat, China’s widely-used messaging and payment platform, secured the third position.In total, China saw a decrease in the number of US-dollar billionaires to 753, which was a reduction of 142 compared to the previous year. Hurun stated that China has seen a decrease in its billionaire count, with 432 individuals no longer being part of the billionaire club, compared to a peak of 1,185 in 2021, accounting for just over a third of the total.The total count of individuals featured on the list decreased to 1,094, marking the third consecutive year of decline. The list features individuals who are confirmed to possess a minimum of 5 billion yuan (approximately $700 million) by the end of August. The list encompasses individuals residing in Hong Kong, Macao, and the self-governing democracy of Taiwan.Rupert Hoogewerf, the chairman of the Hurun Report, attributed the decrease to a challenging year for the Chinese economy and stock markets.China is facing significant economic difficulties, including a real estate crisis, high local government debt, and lackluster consumer spending. These issues have raised global concerns about the well-being and future direction of the world’s second-largest economy.In a statement, he mentioned that the count of individuals on the list had decreased by 12% over the past year, totaling just under 1100 individuals. This stands as a 25% drop from the peak in 2021, when we identified 1465 individuals with 5 billion yuan.He mentioned that the traditional real estate developers have yielded to a fresh wave of tech, renewable energy, consumer electronics – with a focus on smartphones, cross-border e-commerce, various consumer products, and healthcare.
