TikTok founder Yiming becomes China's richest man as billionaires dwindle in country

ByteDance's global revenue rose by 30 per cent in 2023, reaching USD 110 billion, as per Hurun Inc., CNN reported.

Since its inception in May 2017, TikTok has gained global popularity, although it has also been embroiled in controversies, as reported by CNN.

TikTok is currently facing state and federal lawsuits in the US related to alleged failures in protecting children using the app. It is banned in India over national security concerns, while countries like Britain, Canada, and Australia have restricted TikTok's use on government devices, CNN reported.

Despite Zhang's rise, the number of Chinese billionaires has dropped by 142, bringing the total down to 753, according to Hurun, CNN reported. China lost almost one-third of its billionaires, as the number had peaked to 1,185 in 2021.

The number of people ranked on the list - 1,094 - also dipped overall for the third consecutive year. The list includes those individuals assessed to have at least 5 billion yuan (roughly USD 700 million) as of the end of August. The list also includes those living in Hong Kong and Macao as well as in the self-ruling democracy of Taiwan, CNN reported.

Rupert Hoogewerf, chairperson of the Hurun report, said that the decline was due to a 'difficult year' for the Chinese economy.

"The number of individuals on the list was down by 12% in the past year to just under 1,100 individuals and 25% from the high point of 2021, when we managed to find 1,465 individuals with 5 billion (yuan)," CNN reported him as saying in a statement. "The old guard, represented by real estate developers, have given way to a new guard of tech, new energy, consumer electronics, especially smart phones, ecommerce, especially cross-border ecommerce, consumer products and healthcare," he said. (ANI)