According to Bloomberg, the Bloomberg Billionaires Index shows that ByteDance founder Zhang Yiming became the richest man in China for the first time. According to the Bloomberg Billionaires Index, Zhang Yiming's net worth reached US$57.5 billion (approximately 417.3 billion yuan) on Wednesday local time, surpassing Nongfu Spring founder Zhong Suisui and Tencent co-founder Ma Huateng to become the richest person in China. Zhang Yiming is currently the third richest man in Asia, behind India's Mukesh Ambani and Gautam Adani. Globally, Zhang Yiming ranks 24th.


Zhang Yiming
Zhang Yiming’s ranking on the Bloomberg Billionaires Index

After analyzing investors’ valuation of ByteDance, Bloomberg increased its assessment of Zhang Yiming’s net worth by more than $10 billion. These investors include BlackRock, Fidelity Investments and T. Rowe Price Group. In addition, ByteDance also plans to buy back employee shares at a valuation of US$312 billion. The average of these four valuations is $365 billion. Zhang Yiming’s wealth comes entirely from his 21% stake in ByteDance.

However, in October last year, the rich list released by Hurun Research Institute showed that Zhang Yiming became the richest man in China for the first time with a wealth of 350 billion yuan.