TikTok tycoon tops the billionaires list, but other Chinese billionaires are fading away due to 'difficult year' in economy & stock market Singapore News

TikTok tycoon tops the billionaires list, but other Chinese billionaires are fading away due to “difficult year” in economy & stock market

According to a CNN business report, his wealth currently stands at US$49.3 billion. ByteDance’s global revenue grew 30% last year to $110 billion.The company also owns the news app Toutiao and the social media app Douyin in China. Zhang resigned as CEO of ByteDance in 2021. Despite being the richest man in China for several years, Zhong is hated by many patriotic Chinese and nationalists who have accused him of lacking patriotism in a campaign that hit the prices of shares of his bottled water company.Billionaires in China have declined, shrinking to 753 people. For context, in 2021, there were 1,185 billionaires in China. The list includes billionaires who live in Hong Kong, Macao and Taiwan.

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