Zhang Yiming, the founder of TikTok’s parent company, has been recognized as the richest person in China.

ByteDance founder Zhang Yiming, the chairman behind TikTok’s parent company, has risen to claim the top spot on the Hurun China Rich List, making him China’s richest person with estimated profit of $49.3 billion. Its rise to the top shows the strength of China’s tech industry, especially in light of the broader economy. This achievement marks the first time the 41-year-old has led the rankings in his 26-year history.

ByteDance’s revenue, driven by platforms like TikTok and Douyin, increased 30% last year, reaching $110 billion. Zhang’s net worth has increased despite ongoing administrative and legal problems in the US, over former director Zhong Shanshan, the founder of Nongfu Spring, whose money has fallen 24% to $47.9 billion, placing it in second place.

Hurun’s report shows that China’s economic environment has become difficult, with the number of coins falling from 142 to 753 due to economic instability, increased competition, and economic Trade affected by the US Industry, especially solar panels, electric vehicles, and batteries, saw a decline due to high competition and change the law. Hurun President Rupert Hoogewerf noted that solar panel producers are facing an 80% drop from their peak in 2021, while the battery and EV fortunes are also seeing major problems.

As business technology continues to flourish, traditional businesses are facing many challenges. Xiaomi’s CEO, Lei Jun, is an exception, adding $5 billion to his expenses as the company is divided into electric cars. Zhang Yiming’s success reflects the performance of China’s technology industry, even as other sectors face serious challenges.