By Alimat Aliyeva

The founder of the TikTok social network Zhang Yining has been named the richest man in China for the first time, Azernews reports.

According to a new list of rich people published by the Shanghai Hurun magazine, Zhang Yiming's fortune is estimated at $ 49.3 billion.

According to the magazine, 41-year-old Zhang belongs to a new generation of Chinese entrepreneurs who take a more international position than their predecessors.

The ByteDance group, founded by Jean and owned by TikTok, was able to increase its global sales by 30 percent last year. TikTok has almost 200 million users in the United States alone. In China, TikTok is called Douyin.

According to Hurun, the number of super-rich people in China decreased by a total of 142 people last year. 753 people have assets of at least one billion US dollars. Since peaking at 1,185 in 2021, China has lost just over a third of its billionaires.