The rise of TikTok has elevated Zhang Yiming, co-founder of its parent company ByteDance, to the position of China’s wealthiest person, according to the latest rich list from the Hurun Research Institute. Zhang’s net worth has skyrocketed to $49.3 billion (£38 billion), marking a 43% increase since 2023 and highlighting the app’s expanding global presence despite political challenges.

At 41, Zhang stepped down as CEO in 2021 but still owns about 20% of ByteDance. Under his direction, TikTok has grown into one of the most widely used social media platforms worldwide, attracting billions of users while facing scrutiny over its ties to the Chinese government.

Despite ongoing pressure from the U.S., which has considered banning TikTok due to security concerns, ByteDance reported a remarkable 60% rise in global profits last year, significantly enhancing Zhang’s wealth. Rupert Hoogewerf, head of Hurun, remarked, “Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” contrasting this with the U.S., which has seen only four individuals—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—hold the title in the same time frame, illustrating the vibrancy of the Chinese economy.

Zhang is joined by Pony Ma, CEO of Tencent, who ranks third on the list with a fortune of £44.4 billion. However, many tech leaders in China are experiencing mixed fortunes. Only about 30% of those on the Hurun list saw their wealth grow, while the rest faced declines in a challenging economic climate.

“The Hurun China Rich List has contracted for an unprecedented third consecutive year as China’s economy and stock markets encountered difficulties,” Hoogewerf noted. The number of billionaires on the list decreased by 12% over the past year, falling to just under 1,100, and down 25% from the peak in 2021.

While smartphone manufacturers like Xiaomi have benefited from current market trends, the green energy sector has struggled. Companies producing solar panels, lithium batteries, and electric vehicles have faced significant challenges due to increased competition and market oversupply. Some solar panel manufacturers saw their wealth plummet by as much as 80% from their 2021 highs, while battery and EV producers experienced reductions of 50% and 25%, respectively.

Zhang Yiming’s rise to wealth amidst these challenges underscores not only TikTok’s success but also the broader trends affecting China’s economic landscape.