TikTok’s parent company ByteDance co-founder Zhang Yiming has overtaken Indian billionaire Mukesh Ambani to become Asia’s second-richest person. According to the Bloomberg Billionaires Index dated June 3, 2026, Zhang’s net worth now stands at $92.8 billion, while Ambani has slipped to third place in Asia with $86.9 billion. Indian industrialist Gautam Adani continues to lead as Asia’s richest person with a fortune of $117.4 billion.
Zhang’s fortune jumped by more than $24 billion after Bloomberg updated its assessment of ByteDance’s valuation based on stakes held by major investors, including BlackRock, Fidelity Investments, and T. Rowe Price Group.
A key factor in this surge was Bloomberg’s decision to lower its ByteDance risk discount from 25% to 10% following the transfer of parts of ByteDance’s U.S. operations to American investors, which significantly lifted the company’s overall valuation.
Zhang’s wealth growth has been driven by two major engines: TikTok’s global popularity and the rapid rise of Doubao, ByteDance’s AI chatbot that has crossed 300 million monthly users, making it the most popular AI chatbot in China.
ByteDance is also considering spending up to $70 billion in 2026 to expand its AI capabilities and compete with leading global AI companies, with much of this investment expected to come from the company’s strong earnings.
Zhang’s rise signals how quickly China’s tech and AI sectors are creating enormous wealth, now rivaling Asia’s biggest industrial empires.
