Shanghai, October 29: TikTok-parent ByteDance founder Zhang Yiming has reportedly ascended to the top list of the richest people in China. The Chinese internet entrepreneur stepped down as the chief executive of the tech company back in 2021. According to a rich list, Yiming currently holds USD 49.3 billion worth of wealth. A report said, "although counterparts in real estate and renewables have fared less well."

Zhang Yiming, 41, became the 18th individual to become China's richest person in 26 years since the Hurun China Rich List was first published, according to a report by Reuters. Earlier, Chinese Entrepreneur Zhong Shanshan, who founded Nongfu Spring beverage company, was in the number one spot. Shanshan is also the majority owner of Beijing Wantai Biological Pharmacy Enterprises. Wise CEO Kristo Kaarmann Fined 3,50,000 Pounds by UK’s FCA for Breaching Senior Manager Conduct Over Unpaid Tax Liability.

Recently, TikTok and its parent organisation, ByteDance, faced legal battles in the United States. These companies were criticised for having ties with the Chinese government, which could use the data to misuse, manipulate, or spy on US citizens. Despite such criticism, ByteDance managed to grow its global revenue by 30% last year to USD 110. According to the Hurun China Rich List, this helped the founder, Zhang Yiming, gain massive wealth.

According to the list,  Tencent CEO Pony Ma, with around USD 44 billion in wealth, is in third place. The former CEO of PDD Holdings, Colin Huang, is in fourth place. Tencent is a tech conglomerate, while PDD Holdings is an online retail business. The Hurun Report Chairman Rupert Hoogewerf said China's economy and stock market performance had been complex in 2024. Elon Musk USD 1 Million Giveaway Offer Faces Legal Trouble, Philadelphia DA Files Lawsuit Against Billionaire's America PAC.

Hoogewerf mentioned that the solar panel, lithium battery, and EV businesses had faced challenges due to intense competition this year. The wealth of people running these businesses fell 80% from 2021. On the other hand, the wealth of EV makers was down by half this year. 

(The above story first appeared on LatestLY on Oct 29, 2024 03:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).