ByteDance Founder Zhang Yiming Becomes Asia’s Richest Person, Overtakes Gautam Adani

Zhang Yiming, founder of TikTok’s parent company ByteDance, has become the richest person in Asia, overtaking Indian industrialist Gautam Adani, according to the latest Bloomberg Billionaires Index.

The 43-year-old Zhang’s net worth has surpassed $105 billion, driven by the growing valuation and expansion of ByteDance’s artificial intelligence (AI) business. His fortune has increased by more than $12 billion this month alone, according to Bloomberg.

Major investment firms, including BlackRock, Fidelity Investments and T. Rowe Price, have revised their valuations of ByteDance, contributing to the rise in Zhang’s estimated wealth.

Zhang’s fortune was around $13 billion in March 2019 and has since grown more than eightfold. His wealth has increased by approximately $40.3 billion this year, according to the Bloomberg index.

The surge reflects the rising value of ByteDance’s technology and AI operations, which have expanded beyond its globally popular short-video platform, TikTok.

Meanwhile, Gautam Adani’s wealth has declined amid recent volatility in the Indian stock market. His fortune had reached around $120 billion in June, but a sharp market decline on Tuesday reduced his net worth by an estimated $4.44 billion.

Bloomberg reported that both Adani and Zhang have fortunes exceeding $105 billion, with Zhang ranking ahead by a relatively narrow margin.

Adani is now ranked second in Asia and 20th globally, while Zhang stands 18th globally. Despite the recent decline, Adani’s wealth has increased by around $20.4 billion this year.

Adani’s business interests span energy, infrastructure, ports and retail, while Zhang’s wealth is largely linked to technology and digital businesses.

While TikTok established ByteDance as a global technology giant, the company’s expanding AI operations have increasingly contributed to its valuation.

ByteDance has developed several AI products in China, including the Doubao AI chatbot and Seedance, an AI-powered video-generation tool. The company is increasingly positioning AI as a major growth area beyond its established video-platform business.

According to Lian Jye Su, chief analyst at research firm Omdia, ByteDance’s extensive social-media data provides an important resource for developing AI models. He said the company is increasingly looking to AI as a new growth engine beyond its video business.

Zhang’s rapid increase in wealth also highlights the growing influence of the technology and AI sectors among Asia’s wealthiest individuals.

Asian fortunes have traditionally been concentrated in sectors such as energy, infrastructure and retail. However, rising valuations of companies involved in AI, digital platforms, data and technology have accelerated wealth creation among technology entrepreneurs.

Despite its rapid expansion, ByteDance continues to face challenges, particularly over TikTok’s regulatory and geopolitical position in the United States. The company has been pursuing arrangements involving the transfer of part of its U.S. business to American investors.

The company also faces increasing competition in China’s domestic AI market. At the same time, continued investment in AI technology in China could create further opportunities for ByteDance to expand its AI operations.

Meanwhile, Elon Musk remains at the top of the Bloomberg Billionaires Index with an estimated fortune of $892 billion. His wealth has increased by approximately $273 billion this year.

Larry Page, with $295 billion, ranks second globally, followed by Sergey Brin with $274 billion, Jeff Bezos with $274 billion and Michael Dell with $253 billion.