Winning Bizness Desk
Mumbai.A rapid surge in the value of ByteDance, the parent company of TikTok, has propelled co-founder Zhang Yiming past Mukesh Ambani to become Asia’s second-richest person. The latest rankings underline how artificial intelligence and digital technology are reshaping the fortunes of the world’s wealthiest entrepreneurs.
Wealth ranking sees major reshuffle
According to the Bloomberg Billionaires Index, Zhang Yiming’s net worth has climbed to ₹8.9 lakh crore ($93 billion), placing him ahead of Reliance Industries Chairman and Managing Director Mukesh Ambani.
Ambani’s wealth currently stands at ₹8.31 lakh crore ($86 billion), pushing him to third place in Asia’s rich list. The development marks one of the most significant changes in the region’s billionaire rankings this year.
Adani retains top position in Asia
Despite the reshuffle below him, Gautam Adani, Chairman of the Adani Group, continues to hold the title of Asia’s richest person.
Key figures from the latest rankings:
- Gautam Adani: ₹11.19 lakh crore
- Zhang Yiming: ₹8.9 lakh crore
- Mukesh Ambani: ₹8.31 lakh crore
The figures highlight the growing influence of technology-driven businesses alongside traditional industrial conglomerates across Asia.
AI success boosts Zhang’s fortune
A major factor behind Zhang’s wealth surge has been the rising valuation of ByteDance and the growing popularity of its artificial intelligence chatbot, Doubao.
The AI assistant is considered comparable to globally recognised platforms such as ChatGPT from OpenAI and Gemini from Google. In China alone, Doubao has attracted around 300 million users, strengthening ByteDance’s position in the increasingly competitive AI market.
Seven-fold rise in seven years
Zhang’s wealth growth has been remarkable. In 2019, his fortune was estimated at ₹1.24 lakh crore. Over the past seven years, that figure has expanded more than seven times.
Several developments have supported the rise:
- Improved investor confidence in ByteDance
- Easing concerns over TikTok’s business in the United States
- Stronger prospects in artificial intelligence
- Rising company valuation assessments
Valuation gains drive fresh wealth jump
Bloomberg has reduced the valuation discount applied to ByteDance from 25% to 10%, reflecting a more optimistic outlook. Following assessments by investors such as BlackRock and Fidelity, Zhang’s personal fortune increased by approximately ₹2.30 lakh crore.
The company is also expected to spend nearly ₹6.7 lakh crore on artificial intelligence initiatives this year, signalling an aggressive push into the sector.
Musk remains world’s richest person
On the global stage, Elon Musk continues to dominate the billionaire rankings with an estimated net worth of ₹69 lakh crore ($726 billion).
The world’s top three richest individuals are:
- Elon Musk – First
- Larry Page – Second
- Larry Ellison – Third
The latest rankings underscore a broader trend: technology and artificial intelligence are increasingly becoming the biggest drivers of wealth creation, reshaping the global billionaire landscape at an unprecedented pace.
