ByteDance founder Zhang Yiming has become the richest person in Asia for the first time, driven by the rapid growth of the company's artificial intelligence (AI) ventures, surpassing traditional industry tycoons.
According to the Bloomberg Billionaires Index on September 16, Zhang's net worth has exceeded $105 billion, overtaking Indian billionaire Gautam Adani, who previously held the top spot. This marks the first time Zhang has claimed the title of Asia's richest.
Since Bloomberg began tracking his wealth in March 2019, Zhang's fortune has increased nearly eightfold from $13 billion. Notably, he gained over $12 billion just this month. The global popularity of TikTok, along with ByteDance's expansion into AI, has fueled this surge in wealth.
ByteDance, the parent company of the widely popular short-form video platform TikTok, has made significant strides in the AI sector with the introduction of the AI chatbot Doubao and the video generation AI Sidance. Bloomberg noted that Zhang's rise reflects a trend where new wealth from the AI industry is beginning to outpace traditional industries such as energy and retail.
Omdia analyst Lian Jie Su explained that even as U.S. lawmakers raised concerns about TikTok's operations in the country in 2023, ByteDance expanded its investments in AI technology. He pointed out that while ByteDance's success in video platforms presents significant growth opportunities for AI-related products and services, increasing competition within China poses substantial risks.
Meanwhile, Adani, who previously held the title of Asia's richest, has seen his wealth decline recently. He is the founder of the Adani Group, India's largest infrastructure conglomerate, which has grown through ports, airports, power, transmission networks, renewable energy, and logistics. Adani's fortune peaked at $120 billion in June but has since been affected by a rebalancing of stocks in the Morgan Stanley Capital International (MSCI) index, which impacted the share prices of Adani's companies. Analysts attribute this decline to rising oil prices and increased bond yields, contributing to a broader sell-off in the stock market.
* This article has been translated by AI.
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