Zhang Yiming, the founder of the company ByteDance, which owns the TikTok platform, is the richest man in China with a personal fortune of $49.3 billion. This is reported by Reuters with reference to the annual list of the richest people in China - Hurun China Rich List, reports UNN.
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Zhang, who stepped down as CEO of ByteDance in 2021, but ByteDance's global revenue grew by 30% last year to $110 billion, contributing to the entrepreneur's growing personal fortune.
The man has overtaken bottled water tycoon Zhong Shanshan, who dropped to second place as his fortune fell 24% to $47.9 billion.
It is noted that the number of billionaires on the list decreased by 142 to 753, down by more than a third from the peak of 2021.
China's economy and stock markets had a tough year
China's real estate sector has seen the sharpest decline in wealth, he added, while consumer electronics is clearly growing at a rapid pace.
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