Zhang Yiming overtakes Mukesh Ambani as Asia’s second richest after ByteDance valuation rises strongly
Zhang’s net worth reached $92.8 billion, making him China’s richest, per Bloomberg Billionaires Index
The surge reflects ByteDance growth driven by TikTok and Doubao AI, now with 300 million users
Chinese entrepreneur and ByteDance founder Zhang Yiming has overtaken Reliance Industries Chairman Mukesh Ambani to become Asia’s second-richest person after a sharp rise in ByteDance’s valuation, driven by strong growth in its social media and artificial intelligence businesses.
Zhang’s net worth rose to $92.8 billion, according to the Bloomberg Billionaires Index, making him China’s richest individual. His fortune has grown more than seven times since 2019, when Bloomberg first began tracking his wealth at about $13 billion.
The surge reflects ByteDance’s expanding global presence, powered by TikTok and its artificial intelligence chatbot Doubao, which has now crossed 300 million monthly users and become one of China’s most widely used AI tools.
1 May 2026
Get the latest issue of Outlook Business
ByteDance Valuation Rises
ByteDance’s valuation has strengthened as investor confidence grows in its core platforms and artificial intelligence strategy. The company has also restructured parts of its US operations by transferring stakes to American investors following regulatory pressure.
The Bloomberg Billionaires Index had earlier applied a 25% discount to ByteDance’s valuation due to concerns over a possible US ban on TikTok. This discount was later reduced to 10% after progress in restructuring and updated investor valuations in recent months.
Zhang’s wealth increased by more than $24 billion after Bloomberg assessed valuations from investors including BlackRock Inc., Fidelity Investments and T. Rowe Price Group Inc., along with HSG and General Atlantic last month.
Analysts said the improvement reflects stronger fundamentals and rising demand for ByteDance products. “The jump in valuation reflects the company’s strong fundamentals and the success of its apps such as Doubao in China,” said Amy Lin, an analyst at Capital Securities. “The developments in the US are unlikely to have a major negative impact.”
Zhang had earlier become China’s richest person in 2025 before losing and later regaining the position as ByteDance’s valuation fluctuated.
AI Push Drives Growth
ByteDance is now boosting its focus on artificial intelligence as it competes with global tech companies. It is reportedly planning to spend up to $70 billion this year to improve its AI systems and expand in China and other markets.
Most of this spending is expected to come from about $50 billion in profit earned in 2025, as per reports. Earlier concerns over US regulatory pressure had affected its valuation, but improved investor sentiment and restructuring steps have reduced uncertainty.
“Removing the US overhang unlocked the re-rating of the remaining ByteDance entity,” said Ke Yan, a Singapore-based tech analyst at DZT Research. “Even with the re-rating, the valuation still looks cheap on fundamentals.”
Zhang’s rise has reshaped Asia’s billionaire rankings. Gautam Adani now holds third place in the region with a net worth of $86.9 billion, while Mukesh Ambani has slipped to fourth position.
The development shows how AI and digital platforms are changing how wealth is created around the world, with ByteDance becoming one of the most powerful private tech companies globally.
