The co-founder of ByteDance, Zhang Yiming, has ascended to become China’s richest individual, driven by TikTok’s global popularity. The Hurun Research Institute’s latest rankings report Zhang’s net worth at $49.3 billion (£38 billion), a 43% increase over the past year.

Although Zhang stepped down from leading ByteDance in 2021, he retains approximately a 20% stake in the company. TikTok’s massive success has also attracted scrutiny, with countries questioning its ties to the Chinese government. The U.S. government has announced it will ban TikTok in January 2025 unless ByteDance sells its stake.

Despite regulatory challenges, ByteDance saw a remarkable 60% increase in global profits last year, boosting Zhang’s wealth significantly. According to Rupert Hoogewerf, head of Hurun, Zhang’s rise to the top reflects China’s economic dynamism. In just 26 years, China has seen 18 new wealth leaders, compared to only four in the U.S., highlighting China’s rapid growth in innovation and entrepreneurship.