Zhang Yiming, founder of TikTok's parent company ByteDance, has become the richest person in China, with a personal wealth of $49.3 billion, according to the Hurun China Rich List 2024, an annual ranking of China's richest individuals. 

At 41, Zhang has become the 18th person to claim the top spot in the list's 26-year history, surpassing Zhong Shanshan, who held the title last year, states a report by Reuters on the matter. Zhong, known for his bottled water and soft beverage company Nongfu Spring, slipped to second in the list as his net worth fell by 24% to $47.9 billion.

Zhang's ascent to the top comes despite ByteDance's ongoing legal challenges in the US. In 2023, ByteDance saw its global revenue rise 30% to $110 billion, which significantly boosted Zhang's fortune, states the Hurun report. This rise also reflects ByteDance's growing influence globally, with TikTok remaining one of the world's most popular social media platforms.

Following Zhang and Zhong on the list is Tencent's founder Pony Ma, who maintained his position as third richest, while PDD Holdings' Colin Huang, founder of popular e-commerce platforms Pinduoduo and Temu, dropped to fourth, states the Reuters report.

The Hurun report shows a notable decline in the number of billionaires in China, dropping by 142 to a total of 753, marking a one-third reduction from the 2021 peak, deduces Reuters. According to Rupert Hoogewerf, Chairman of the Hurun Report, a challenging economic landscape and a difficult year for China's stock markets have particularly impacted fortunes in the real estate and renewable energy sectors.

Zhang Yiming founded ByteDance in 2012, and stepped down as CEO of the company in November 2021. As per an earlier Reuters report, despite stepping down from his role, Zhang still maintains over 50% of ByteDance's voting rights.