Following an increase in ByteDance Ltd.’s valuation and additional advancements in the Chinese company’s AI aspirations, Zhang Yiming overtook Mukesh Ambani as Asia’s second-richest person.
According to the Bloomberg Billionaires Index, Zhang’s net worth increased to $92.8 billion, solidifying his status as the richest individual in China. Since Bloomberg began monitoring the ByteDance co-founder’s wealth in March 2019, when he was valued at $13 billion, his fortune has increased more than sevenfold.
The increase coincides with the popularity of ByteDance’s video app TikTok and its Doubao AI chatbot, which has collected over 300 million monthly users to become the most popular in China. Additionally, ByteDance sold some of its US operations to American investors earlier this year.
According to Amy Lin, an analyst at Capital Securities located in Shanghai, “the increase in valuation reflects the company’s strong fundamentals and the success of its apps like Doubao in China.” “It is unlikely that the US developments will have a significant detrimental effect.”
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In 2025, Zhang became the richest person in China for the first time. Earlier this year, he regained the championship after being surpassed.
Following the US House of Representatives’ passage of a measure in March 2024 that would prohibit TikTok’s operations in the nation unless its Chinese owner sold the app, the Bloomberg Billionaires Index added a 25% risk discount to ByteDance’s worth. In light of the US sale’s completion and the initial post-spinoff valuations provided by institutional investors in regulatory documents released in late May, that discount was reduced to 10% on June 2.
After Bloomberg examined assessments from investors BlackRock Inc., Fidelity Investments, and T. Rowe Price Group Inc., as well as those provided by HSG and General Atlantic last month, Zhang’s net worth increased by more than $24 billion.
A request for comment was not immediately answered by ByteDance.
Ambani’s net worth plummeted to $86.9 billion, making him the third richest person in Asia, according to the Bloomberg index. At $117.4 billion, Gautam Adani continued to hold the top rank in the area.
The most well-known private corporation in China is ByteDance. Due to Doubao’s popularity, it is getting ready to collect subscription fees, which is unusual in a nation where consumers have been reluctant to pay for internet services. The company has long been regarded as a strong contender for a potential IPO.
Even after TikTok’s US operations were moved to a consortium headed by Oracle Corp., Silver Lake, and Abu Dhabi-based investment firm MGX, the company’s reputation persisted. This put an end to years of political and regulatory ambiguity around what detractors claimed were possible weaknesses in national security.
The leader in social media in Beijing is now making significant investments in AI. According to a Bloomberg News story from last month, it is considering spending up to $70 billion this year in an effort to dominate the Chinese AI sector and compete with the leading US companies overseas. The approximately $50 billion profit it made in 2025 is anticipated to cover a large portion of that investment.
According to Ke Yan, a tech researcher with DZT Research located in Singapore, “removing the US overhang unlocked the re-rating of the remaining ByteDance entity.” “The valuation still appears cheap on fundamentals, even with the re-rating.”
