The explosive success of TikTok has catapulted Zhang Yiming, co-founder of its parent company ByteDance, to the top of China’s rich list. Zhang’s net worth has surged to $49.3 billion (£38 billion), marking a 43% increase from last year, according to the latest rich list from the Hurun Research Institute.
Despite stepping down from his leadership role at ByteDance in 2021, the 41-year-old entrepreneur retains around a 20% ownership stake in the firm, benefiting from TikTok’s unparalleled global rise.
