The co-founder of ByteDance, the company that owns the TikTok application, Zhang Yiming, has for the first time taken the top spot among China's wealthiest businesspeople. Since the beginning of the year, his wealth has increased by $13.6 billion, bringing his total net worth to $57.5 billion.

Zhang Yiming has topped the list of the wealthiest individuals in the People's Republic of China, surpassing Tencent Holdings co-founder Pony Ma (Ma Huateng), whose capital amounts to $56.6 billion, and the head of the bottled water and non-alcoholic beverage company Nongfu Spring, Zhong Shanshan, whose fortune is estimated at $54.1 billion.

The majority of Zhang Yiming's wealth is tied to his stake in the technology company ByteDance, the owner of several popular services, including the video platforms TikTok and Douyin. As of May 2024, Zhang Yiming held a 21% share in ByteDance. According to Bloomberg data, the company has over 1 billion users. In 2023, ByteDance's revenue exceeded $110 billion.

ByteDance was founded in 2012 by Zhang Yiming and Liang Rubo. Its headquarters are located in Beijing. In 2021, Zhang Yiming stepped down from the position of Chief Executive Officer, and subsequently, several months later, relinquished his role as Chairman of the Board.

In the ranking of Asia's wealthiest individuals by capital size, Zhang Yiming now holds third place, following Indian business magnates Mukesh Ambani ($90.9 billion) and Gautam Adani ($72.3 billion).