Zhang Yiming, the founder of TikTok, stood at the top with a believed net worth of $49.3 billion, as China's richest man based on this 2024 Hurun China Rich List.
He secured this position after ByteDance, the owner of TikTok, displayed impressive revenue growth to $110 billion last year, an increase of 30 percent. Since appearing in May 2017, TikTok has seen phenomenal success with a younger demographic, and its popularity has made the platform a yardstick for other Chinese firms seeking to enter international markets.
But TikTok is facing significant legal challenges in the U.S., where the app has gained a base of almost 200 million users.
The app faces lawsuits over child safety and is fighting new legislation that would ban it nationwide unless it sells its operations in the country, based on fears about user data security and its ties to China.
Despite this, TikTok continues expanding its audience. Zhang Yiming, one of the co-founders of ByteDance, remained the owner of 20% of the shares after his resignation from the helm.
The composition of the rich in China has changed dramatically and currently stands at 753 billionaires, proving that challenges continue. Rupert Hoogewerf, chairman of the Hurun Report, links this setback to such factors as the real estate crisis and weakened consumer spending.
The total number of rich people has fallen for three consecutive years; this reflects a transition from traditional industries into technology and renewable energy.
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