Worldview | Man Behind TikTok and Douyin Becomes Asia’s Richest Person
This week’s round-up of global markets fashion business news also features Qatar’s resilient jewellery market, South Korean e-tailer W Concept and Brazil’s newest department store.
A Chinese entrepreneur has emerged as Asia's wealthiest individual, according to recent reports. Zhang Yiming, the Singapore-based founder of ByteDance, the company behind the wildly popular TikTok and Douyin apps, has amassed a fortune estimated at $84 billion, surpassing other billionaires such as Mukesh Ambani, Gautam Adani, Masayoshi Son, and Tadashi Yanai.
Forbes and Bloomberg have both corroborated Zhang's status as the richest person in Asia, with ByteDance's value soaring due to its expanding e-commerce and advertising operations. Zhang launched ByteDance in 2012, and the company has since become a dominant force in shaping global trends and consumer preferences through its innovative platform.
While Zhang's wealth is impressive, he is currently wealthier than Chinese crypto billionaire Changpeng Zhao, who is listed as Canada's richest person despite being of Chinese origin.
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- Worldview | Man Behind TikTok and Douyin Becomes Asia’s Richest Person businessoffashion.com
