The New Face of Asia's Wealth: Zhang Yiming Surpasses Mukesh Ambani
Zhang Yiming has surpassed Mukesh Ambani to become the second-richest person in Asia, following a rise in the valuation of ByteDance Ltd. and further progress in the Chinese company’s AI ambitions. According to the Bloomberg Billionaires Index, Zhang’s net worth has risen to US$92.8 billion, cementing his position as China’s wealthiest individual. The ByteDance founder’s wealth has increased more than sevenfold since Bloomberg began tracking it in March 2019, when his net worth stood at US$13 billion.
This surge comes amidst the success of ByteDance’s video application, TikTok, and the AI chatbot Doubao, which has amassed over 300 million monthly users and become highly popular in China. Earlier this year, ByteDance also transferred part of its US business to American investors. “The surge in valuation reflects the company’s strong fundamentals and the success of its applications such as Douca in China,” said Amy Lin, a Shanghai-based analyst at Capital Securities. “Developments in the US are unlikely to have a significant negative impact.”
The Bloomberg Billionaires Index applied a 25% risk discount to ByteDance’s valuation after the US House of Representatives passed a bill in March 2024 to ban TikTok operations in the country unless its Chinese owners sell the app. This discount was reduced to 10% on 2 June to reflect the resolution of the US sale and the post-divestment valuation provided by institutional investors. Zhang’s wealth surged by more than US$24 billion after Bloomberg analysed valuations from investors including BlackRock Inc., Fidelity Investments, and T. Rowe Price Group Inc., as well as valuations provided by HSG and General Atlantic.
Meanwhile, Ambani has dropped to third place among Asia’s wealthiest, with a net worth of US$86.9 billion, while Gautam Adani maintains the top position in the region with US$117.4 billion. ByteDance remains China’s most prominent private company. Its success with Doubao has seen the company preparing to introduce subscription fees, a rarity in a market where users are often reluctant to pay for online services. The company has long been considered a prime candidate for a future initial public offering (IPO).
The company’s profile remains intact even after TikTok’s US operations were transferred to a consortium led by Oracle Corporation, Silver Lake, and MGX, ending years of political and regulatory uncertainty regarding national security concerns. The Beijing-based social media leader is now betting heavily on artificial intelligence. According to reports, the company is discussing expenditures of up to US$70 billion this year in an effort to lead the Chinese AI market and challenge major US players abroad. Much of this investment is expected to be funded by the approximately US$50 billion in profits earned in 2025.