TikTok Founder Zhang Yiming, 43, Becomes Asia’s Richest Person

[Financial News] Zhang Yiming, 43, founder of ByteDance, the parent company of the global short-form video platform TikTok, has claimed the title of Asia’s richest person.
According to the Bloomberg Billionaires Index on the 17th, Zhang Yiming’s net worth exceeded $105 billion (approximately 144 trillion won) as of that day, ranking him 18th worldwide. He overtook Indian billionaire Gautam Adani, chairman of Adani Group, who ranked 19th, to become Asia’s wealthiest individual.
Zhang Yiming’s fortune has increased more than eightfold from the $13 billion (approximately 17 trillion won) disclosed by Bloomberg in March 2019.
Bloomberg’s analysis, based on company valuations by investment firms including BlackRock, Fidelity Investments, and T. Rowe Price, found that Zhang Yiming’s wealth had risen by more than $12 billion (approximately 16 trillion won) this month alone.
Adani’s fortune rose to as much as $120 billion (approximately 165 trillion won) in June, but it has declined in recent months amid broad stock sell-offs triggered by the rebalancing of constituent weights in the Morgan Stanley Capital International (MSCI) Index and rising oil prices and bond yields. The Bloomberg Billionaires Index applies a 10% risk discount when valuing ByteDance, a privately held company.
Zhang Yiming’s rise is drawing even greater attention amid the growth of the AI industry, which is reshaping the world.
Despite strong regulatory and political pressure from the U.S. government over TikTok, ByteDance, founded by Zhang Yiming, has continued investing in AI.
Lian Jie-su, a senior analyst at AI research firm Omdia, told Bloomberg that ByteDance had continued to focus on AI investment, saying, "Zhang Yiming made good use of the situation."
He also noted that ByteDance could potentially use the vast amount of data on its platform in developing AI models. However, he added that competition in China’s domestic AI market could limit future growth.
Some analysts say his rise to the top of Asia’s wealth rankings symbolically shows that young tech magnates who have ridden the AI boom are beginning to overtake traditional tycoons in manufacturing and energy, including elsewhere in Asia.
Chinese-language media outlets have also offered a series of analyses suggesting that Zhang Yiming’s rise reflects a shift in the landscape of wealth in Asia.
Chinese economic outlet Jailian Press highlighted that Zhang Yiming had overtaken an Indian billionaire who built his fortune on energy and infrastructure.
Another economic outlet, IT Zizha, said, "AI’s ability to create wealth has surpassed that of traditional industries." However, some have also pointed out that ByteDance’s net profit declined as the company poured massive amounts of money into AI.

[email protected] Reporter Lee Seok-woo Reporter