The richest people in the world for 2024
This is China's richest man
China has a new richest person.
Zhang Yiming, the founder of TikTok parent company ByteDance, is now the nation's wealthiest person.
That's according to the Hurun Research Institute, which published the latest version of its China Rich List on October 29.
According to Hurun, Zhang's wealth has reached $US49.3 billion (about $75.4 billion) after ByteDance's global revenue grew 30 per cent in the last year to $US110 billion.
While still a staggering amount of money, Zhang's fortune might appear slightly lower than expected for the richest person in the world's second-largest economy.
By comparison, there are 18 Americans with a higher net worth, according to Forbes.
While the title of richest person in the United States has been passed between a fairly small handful of billionaires, top spot in China is far more volatile.
"Zhang Yiming is the 18th new number one we have had in China in just 26 years," Hurun report chairman and chief researcher Rupert Hoogewerf said.
"The US, by comparison, has only four number ones: Bill Gates, Warren Buffett, Jeff Bezos and Elon Musk.
"This gives an indication of some of the dynamism in the Chinese economy.
"2024 has been a special year to date with three number ones: Zhong Shanshan at the beginning of the year, Huang Zheng of Pinduoduo in the middle of the year and now Zhang Yiming."
Zhang's rise as the number of TikTok users in the United States closes in on 200 million – nearly two-thirds of the population.
But Congress earlier this year passed laws that would ban the popular social media app in the US unless ByteDance sells it, in response to concerns about its ties to the ruling Chinese Communist Party.
TikTok called the law "unconstitutional" and promised a legal challenge.
The ban is set to come into effect in January 2025.
Zhang moving to the top of China's rich list came weeks after pop superstar Taylor Swift was crowned the world's richest woman musician.
That came in early October, when an estimate by Forbes put her fortune at $US1.6 billion ($2.37 billion).
The money magazine first announced Swift had reached billionaire status a year earlier, in the middle of her mega-grossing and record-busting Eras tour.
Swift also became the rare example of a musician who had become a billionaire largely due to her music and touring, rather than side businesses.
Swift's ascendancy saw her surpass Rihanna's estimated $US1.4 billion ($2.07 billion).
The R&B star was previously the world's richest woman musician, largely due to the runaway success of her beauty product and lingerie lines.
Despite her huge success, Swift is ranked at just number 2078 on Forbes' billionaire list.
Keep going to find out who sits at the top of the money pile, and where Australia's richest people ranked.
All net worth estimates have been converted to Australian dollars.
145. Andrew Forrest and family, Australia - $23.1 billion
"Twiggy" is the owner of Fortescue Metals Group, an iron ore concern now pivoting to green energy, and has been one of Australia's richest people for years.
59. Gina Rinehart, Australia - $46.8 billion
Mining magnate and Australia's richest person, Gina Rinehart, is currently sitting at number 59.
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