ByteDance founder Zhang Yiming has been named China's richest person, boasting a personal fortune of $49.3 billion, according to an annual wealth report released on Tuesday.

Axar.az reports that, citing Forbes, at 41 years old, Zhang, who resigned as CEO of ByteDance in 2021, is the 18th individual to hold the title of China’s richest person since the Hurun China Rich List was first published 26 years ago.

Despite ongoing legal challenges regarding its U.S. assets, ByteDance's global revenue surged by 30 percent last year, reaching $110 billion, according to Hurun. This growth contributed significantly to Zhang's personal wealth.