Chinese entrepreneur Zhang Yiming, the founder of ByteDance, has surpassed Indian billionaire Mukesh Ambani to become Asia’s second-richest person, according to the Bloomberg Billionaires Index.
The rise comes after an increase in ByteDance’s valuation and growing investor confidence in the company’s artificial intelligence (AI) business. Zhang’s net worth has climbed to $92.8 billion, making him not only Asia’s second-richest individual but also the wealthiest person in China, according to a Bloomberg report.
The sharp increase in Zhang’s wealth has been fuelled by the continued global success of TikTok, ByteDance’s short-video platform, which has more than one billion users worldwide. The company has also gained momentum in the AI sector through its chatbot Doubao, which has attracted more than 300 million monthly users and emerged as China’s most popular AI chatbot, the report said.
Wealth jumps by more than $24 billion
According to Bloomberg’s calculations, Zhang’s fortune increased by more than $24 billion after the index examined updated valuations from investors including BlackRock, Fidelity Investments, T. Rowe Price, General Atlantic and HSG.
Who is Zhang Yiming?
Zhang Yiming is the co-founder of ByteDance, one of China’s largest technology companies. Born in Longyan in China’s Fujian province, he studied software engineering at Nankai University before working at several technology firms, including Microsoft and travel website Kuxun.
In 2012, Zhang launched ByteDance from a small apartment in Beijing. His goal was to use artificial intelligence to improve how people discover and consume information online. The company’s first major success came with Toutiao, a news aggregation platform that uses algorithms to recommend content to users, according to Forbes.
ByteDance later launched TikTok, which quickly became one of the world’s most downloaded mobile applications and transformed the social media landscape. Under Zhang’s leadership, the company expanded into several sectors, including gaming, education, e-commerce and digital content.
Despite building one of the world’s most valuable technology companies, Zhang maintained a low public profile and became known for his focus on technology and product development rather than media attention. He resigned as ByteDance’s chief executive in 2021 and later stepped down as chairman the same year, saying he wanted to focus on long-term strategy and personal learning. Although he no longer manages day-to-day operations, he remains one of the company’s most influential figures as its key founder and largest shareholder, according to Forbes.
ByteDance has also made changes to its US operations this year by transferring parts of its American business to US-based investors, a move that helped ease concerns over TikTok’s future in the country, according to Bloomberg.
ByteDance bets big on artificial intelligence
ByteDance is now investing heavily in artificial intelligence as competition intensifies among global technology firms. The company is considering spending up to $70 billion this year to strengthen its position in China’s AI market and compete with leading US technology companies, Bloomberg reported.
A significant portion of that investment is expected to be funded by the company’s strong financial performance. ByteDance generated about $50 billion in profit in 2025, giving it substantial resources to expand its AI ambitions, the report said.
Bloomberg recently revised its valuation approach for ByteDance after developments related to TikTok’s US business. The valuation previously included a 25 per cent risk discount owing to concerns that TikTok could face a ban in the United States unless sold by its Chinese parent company.
That discount was reduced to 10 per cent after progress in restructuring the US business and new valuations from major institutional investors. The reassessment significantly boosted estimates of Zhang’s personal wealth.
The revised estimates reflect growing confidence in ByteDance’s long-term growth prospects, particularly in AI and digital services.
Ambani slips to third place; Adani holds top spot
With Zhang moving up the rankings, Mukesh Ambani has slipped to third place among Asia’s wealthiest individuals. Bloomberg estimates Ambani’s net worth at $86.9 billion.
Industrialist Gautam Adani continues to hold the top position in Asia with an estimated fortune of $117.4 billion, according to the latest Bloomberg Billionaires Index rankings.