The co-founder of ByteDance, Zhang Yiming, has become China's richest person with an estimated personal wealth of $49.3 billion, according to the Hurun Research Institute. This surge in popularity is largely attributed to TikTok's global success. Despite concerns over its ties to the Chinese state, ByteDance's global profit increased by 60% last year. The company's value has grown significantly, with Zhang Yiming stepping down from his role as CEO in 2021.
However, the report also highlights that China's economy and stock markets had a challenging year, resulting in a decline in wealth for many individuals on the list. Only around 30% of those featured saw an increase in their net worth, while the rest experienced a decrease.