ByteDance founder Zhang Yiming has become the wealthiest individual in China, according to the Hurun Research Institute’s latest list of China’s richest people. The 41-year-old TikTok creator’s net worth has reached $49.3 billion, marking a 43% increase from 2023.

Though Zhang stepped down as CEO of ByteDance in 2021, he is believed to retain approximately 20% ownership of the company. Despite concerns from several countries about potential Chinese government influence over ByteDance, TikTok remains one of the world’s most popular social media apps. The company asserts its independence from the Chinese government; however, the U.S. has indicated plans to ban TikTok in January 2025 unless ByteDance sells its U.S. operations.

Despite facing significant pressure in the U.S., ByteDance saw a 60% increase in global profits over the past year, contributing to Zhang’s surge in personal wealth. ByteDance’s global revenue also grew by 30% last year, reaching $110 billion, further solidifying Zhang’s financial position.

Rupert Hoogewerf, head of Hurun, noted that Zhang Yiming is now the 18th person to become China’s richest individual, while only four people—Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk—have achieved this in the U.S.

As Zhang rises to the top of China’s wealth rankings, beverage magnate Zhong Shanshan, previously the wealthiest, has fallen to second place with a 24% drop in wealth, now totaling $47.9 billion. Tencent founder Pony Ma ranks third, and PDD Holdings founder Colin Huang, previously higher, is now in fourth place.