Zhang Yiming, co-founder of ByteDance, increased his fortune by 43% to $49.3 billion. Despite the pressure in the US, the company's global revenue grew by 60% last year.

The growing popularity of TikTok in the world has led to the co-founder of its parent company ByteDance, Zhang Yiming, becoming the richest man in China, UNN reports with reference to the BBC.

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According to the list of wealthy people compiled by the Hurun Research Institute, Zhang Yiming's fortune now reaches $49.3 billion, a 43% increase over 2023.

The 41-year-old stepped down as CEO in 2021, but is believed to own approximately 20% of the company.

Despite strong pressure in the United States, ByteDance's global profits grew by 60% last year, which increased Zhang Yiming's personal wealth.

"Zhang Yiming is the 18th new number one in China in just 26 years," said Rupert Gugewerff, CEO of Hurun.

"In the United States, for comparison, there are only four number one CEOs: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk. This gives an idea of some of the dynamism of the Chinese economy," he said.

Zhang is not the only representative of China's vast tech sector on the list.

Pony Ma, chairman of the tech conglomerate Tencent, is third on the list.

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

Although both companies insist on their independence from the Chinese government, the US intends to ban TikTok in January 2025 if ByteDance does not sell it.