Zhang Yiming, the founder of TikTok’s parent company, has been recognized as the wealthiest individual in China.

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ByteDance founder Zhang Yiming, the mastermind behind TikTok’s parent company, has risen to claim the top spot on the Hurun China Rich List, making him China’s wealthiest individual with a fortune estimated at $49.3 billion. His climb to the peak underscores the strength of China’s tech industry, especially in light of broader economic pressures. This achievement marks the first time the 41-year-old has led the ranking in its 26-year history.

ByteDance’s revenue, driven by platforms like TikTok and Douyin, grew by 30% last year, reaching $110 billion. Zhang’s net worth has surged despite regulatory challenges and ongoing legal issues in the U.S., surpassing previous leader Zhong Shanshan, the founder of Nongfu Spring, whose wealth dropped 24% to $47.9 billion, placing him in second.

The Hurun report indicates China’s economic environment has been tough, with the number of billionaires dropping by 142 to 753 due to stock market instability, rising competition, and trade pressures from the U.S. Traditional industries, particularly those in solar panel production, electric vehicles, and batteries, saw steep losses due to competitive pressures and policy changes. Hurun Chairman Rupert Hoogewerf noted that solar panel makers experienced an 80% decline from their 2021 peak, while battery and EV fortunes also saw major setbacks.

As the tech sector continues to thrive, traditional industries have faced more obstacles. Xiaomi’s CEO, Lei Jun, was an exception, adding $5 billion to his net worth as the company branched into electric vehicles. Zhang Yiming’s success highlights the resilience of China’s tech industry, even as other sectors face significant challenges.

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