ByteDance co-founder Zhang Yiming has become China’s wealthiest individual, with a net worth of $49.3 billion, according to new data from the Hurun Research Institute. 

The 41-year-old’s fortune grew 43% in the past year despite his departure from the company’s leadership in 2021.

The wealth accumulation stems from Zhang’s estimated 20% ownership stake in ByteDance, which saw its global profits rise by 60% in 2023. This growth comes amid increasing scrutiny of TikTok in the United States, where legislators plan to ban the platform in January 2025 unless ByteDance divests its ownership.

Earlier in October, a coalition of 14 state attorneys general filed lawsuits against TikTok, accusing the social media platform of damaging young users’ mental health and collecting data from children under 13 without parental consent.

The U.S. Department of Justice also filed a lawsuit against TikTok in August over unlawfully collecting children’s data and impeding parental control over accounts.

“Zhang Yiming is the 18th new Number One we have had in China in just 26 years,” said Hurun Research Institute’s Rupert Hoogewerf, contrasting this with the United States, which has had only four top wealth holders during the same period: Bill Gates, Warren Buffett, Jeff Bezos, and Elon Musk.

The appointment marks a rare bright spot in China’s wealth scene, where approximately 70% of individuals on Hurun’s rich list experienced net worth declines. The total number of listed individuals decreased by 12% year-over-year to just under 1,100, marking a third consecutive annual reduction in the list’s size.

Other tech sector leaders maintain significant positions, including Tencent’s Pony Ma, who ranks third with an estimated wealth of $57.8 billion.