Zhang Yiming, the founder of social media giant TikTok and its parent company ByteDance, has topped the 2024 Hurun China Rich List with a fortune of $49.3 billion. The 41-year-old tech entrepreneur has been named the richest Chinese individual on the list for the first time.
TikTok continues printing money!
Despite TikTok’s legal challenges in the United States, ByteDance increased its global revenue by 30% last year, reaching $110 billion. Although Zhang stepped down from his role as CEO in 2021 and withdrew from daily operations, he continues to benefit from the company’s success.
The 2024 Hurun list reveals the resilience of the technology sector in China, despite economic difficulties and stock market declines. Xiaomi’s CEO Lei Jun is also among the noteworthy figures, adding $5 billion to his fortune, which now totals $18.3 billion, due to the company’s increased smartphone sales and entry into the electric vehicle market.
The report shows that China’s ‘super-rich’ club has shrunk for the third consecutive year. The number of individuals in China, Hong Kong, Taiwan, and Macau with fortunes of at least $700 million has dropped by 12% from last year, bringing the total to 1,094. Their combined wealth has also decreased by 10%, down to $2.97 trillion.
As issues like the real estate slowdown, low consumer demand, and economic growth of less than 5% in the first three quarters continue to challenge China’s economy, the success of tech giants stands out. Senior executives from smartphone makers like Oppo and Vivo are also on the list, with the report noting a particularly successful year for the smartphone and semiconductor industries.
What do you think about this? Share your thoughts in the comments below.
