TikTok Founder Becomes China’s Richest Person

by THEFUTURE.TEAM

October 30, 2024

Zhang Yiming, the visionary behind ByteDance and its flagship app TikTok, has ascended to the status of the richest person in China, boasting a remarkable fortune of $49.3 billion. This milestone marks a significant 43% increase in his wealth since 2023, according to the latest Hurun Research Institute report.

Key Highlights

Zhang, 41, co-founded ByteDance and stepped down from his leadership role in 2021. However, he continues to hold around 20% of the company’s shares, ensuring his substantial stake in its ongoing success. TikTok has emerged as a global phenomenon, captivating millions of users worldwide despite ongoing security concerns and accusations regarding its ties to the Chinese government. ByteDance has vigorously denied these allegations, which suggest that TikTok could be a tool for espionage.

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The platform’s future remains uncertain, particularly with the impending U.S. ban on TikTok set for January 2025. This move forces ByteDance to consider selling its highly prized recommendation algorithm, a crucial element that has propelled TikTok to unprecedented heights in the social media landscape.

Despite the challenges posed by U.S. regulations, ByteDance reported an impressive 60% increase in global profits last year, demonstrating its resilience and adaptability in a competitive market. Zhang Yiming’s rise to wealth also reflects broader trends in the Chinese tech industry, where economic conditions have shifted significantly.

The Tech Landscape in China

Zhang is not alone at the top of China’s wealth rankings. Ma Huateng, the head of Tencent, known for its dominance in the gaming industry, ranks third with an estimated net worth of $43.5 billion. However, the fortunes of these tech giants have not been immune to the economic slowdown affecting China. This downturn has hindered competitors from achieving more substantial gains, leading to a situation where only 30% of the individuals on the rich list saw an increase in their net worth this year.

The concentration of wealth among these tech leaders highlights the unique dynamics of China’s economy, where innovation and digital platforms continue to play pivotal roles. As Zhang Yiming solidifies his position at the top, the future of TikTok and ByteDance will be closely watched, particularly in the context of global regulatory pressures and market competition.

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Only 63.9% Of Young Cypriots Have Basic Digital Skills, Eurostat Finds

by THEFUTURE.TEAM

July 15, 2026

Cyprus continues to lag behind the European Union average in digital skills among young people, even as the bloc records steady progress in digital literacy. New Eurostat data released on Wednesday also show that Cyprus has the widest gender gap in the EU, with young women significantly outperforming young men.

Cyprus Falls Short Of The EU Benchmark

According to Eurostat, 63.9% of Cypriots aged 16 to 24 had at least basic digital skills in 2025, well below the EU average of 74.6%.

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Across the bloc, nearly three-quarters of young people have reached at least a basic level of digital competence, reflecting the growing importance of digital skills in education, employment and everyday life.

Nordic And Central European Leaders Set The Pace

Denmark recorded the highest share of digitally skilled young people, at 92.1%, followed by the Czech Republic with 91.7% and Malta with 91.5%.

At the other end of the ranking, Bulgaria and Romania were the only member states where fewer than 60% of young people had achieved at least basic digital skills, at 52.8% and 53.3%, respectively.

Women Outperform Men Across Most Of The Bloc

Eurostat’s figures also highlight a persistent gender gap across much of the EU. At the bloc level, 75.9% of women aged 16 to 24 possessed at least basic digital skills, compared with 73.3% of men. The same pattern was recorded in 22 member states, including Cyprus.

No country recorded a wider gender gap than Cyprus. Some 73.9% of young women had at least basic digital skills, compared with 55.1% of young men, a difference of 18.8 percentage points.

A Wide Gap With Policy Implications

The disparity is significant because digital skills have become increasingly important for access to education, employment opportunities and participation in a technology-driven economy.

For policymakers, the figures underline two challenges: raising overall digital proficiency while narrowing the gap between young women and young men. Slovenia recorded the second-largest gap in favour of women, at 11.6 percentage points, followed by Austria with 9.1 points.

By contrast, young men outperformed women in only five EU countries. The widest gaps in favour of men were recorded in Malta, where 93.6% of young men had at least basic digital skills compared with 89.1% of young women, and Romania, where the figures stood at 55.1% and 51.1%, respectively.

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