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TikTok’s Zhang Yiming is China’s richest person under 40 with fortune of US$53.4 billion: Hurun
- Zhang, the founder of TikTok owner ByteDance, is also likely to become China’s richest person, especially if ByteDance ‘goes public successfully’, Rupert Hoogewerf says
- Sea Group’s Ye Gang and Li Auto’s Li Xiang among top ranks, while TAL Education co-founders record biggest slump in net worth
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Zhang Yiming, the founder of TikTok owner ByteDance, has topped the rankings of China’s richest billionaires under 40, Shanghai-based Hurun Research Institute said on Friday.
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As of mid-September, the 38-year-old’s fortune had grown by 230 billion yuan (US$36.1 billion) to 340 billion yuan from the same period last year. Zhang’s jump in terms of wealth was the biggest among his peers and he could become the country’s richest person, Hurun said.
“Zhang Yiming is very likely to become the next richest person in China, especially if [ByteDance] goes public successfully,” said Rupert Hoogewerf, Hurun’s chairman.
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TikTok, the very popular video sharing app, has become the most downloaded app in the world. ByteDance, its parent, has also overtaken Ant Group as the world’s most valuable unicorn with a valuation of US$350 billion, according to the latest Hurun Global Unicorn Index, which was published on Monday.
Zhang ranked second on the Hurun China Rich List in October, behind Zhong Shanshan of Nongfu, after his fortune tripled from last year. He surpassed Tencent Holdings’ founder Pony Ma and Alibaba Group Holding’s Jack Ma in the process.
This year, 32 entrepreneurs were added to the rankings, the most since Hurun started compiling the under-40 list. Most were from the advanced manufacturing, retail and entertainment sectors.
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