The more popular the TikTok application becomes, the richer the co-founder of its parent company, ByteDance, becomes, as the BBC reports.

According to a rich list, created by the Hurun Research Institute, his fortune Zhang Yiming estimated at $49.3 billion (€45.7 billion) for this year, representing a 43% increase compared to 2023.

The 41-year-old stepped down from his role as head of the company in 2021, but it is understood that owns about 20%.

TikTok has become one of the world’s most popular social media apps, despite strong concerns in some countries about its ties to the Chinese state.

While both companies insist they are independent from the Chinese government, the US intends to ban TikTok in January 2025unless ByteDance sells it.

Despite facing this intense pressure in the US, ByteDance’s global profits rose 60% last year, which led to a rise in Zhang Yiming’s personal fortune.

“Zhang Yiming is the 18th youth Number One that we had in China in just 26 years” said Hurun head Rupert Hoogewerf.

“The US, by comparison, has only four Number Ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk. This is an indication of the dynamism of the Chinese economy».

Does the tech space come with good luck?

Mr Zhang is not the only representative of China’s vast technology sector on the list.

THE Pony Mahead of tech group Tencent, is third on the list with an estimated personal wealth of €53.4 billion.

But their fortunes aren’t just explained by the successes of their companies – their competitors are making less profit in a year when China’s economy has soared.

In fact, only about 30% of the people on the list had an increase in their net worth – the rest saw a decline.

“The Hurun China Rich List shrank for an unprecedented third year in a row as China’s economy and stock markets had a difficult yearsaid Mr. Hoogewerf.

“The number of people on the list decreased by 12% last year to just under 1100 people and 25% from the 2021 high point».

He said the data showed it was a good year for smartphone makers such as Xiaomi.

“Makers of solar panels, lithium batteries and EVs have had a tough year as competition intensified, leading to oversupply and the threat of tariffs added to uncertainties“, he said.

“Solar panel makers have seen their wealth fall by up to 80% from their 2021 peak, while battery and electrical makers have halved and a quarter respectively».