India, March 27 -- Zhang Yiming, the founder of TikTok's parent company ByteDance, is now the richest person in China, with a net worth of $57.5 billion.

The 41-year-old software engineer's wealth rose by $13.6 year-to-date, according to the Bloomberg Billionaires Index, also making him the 24th richest person in the world.

Among China's top five richest, Zhang is trailed by Tencent co-founder and CEO Ma Huateng ($56.6 billion), Nongfu Spring founder Zhong Shanshan ($54.1 billion), Xiaomi founder and CEO Lei Jun ($44.9 billion), and Pinduoduo founder and former CEO Colin Huang ($43.2 billion).

Meanwhile, Alibaba founder Jack Ma, once China's richest, has fallen into 6th place with a net worth of $39.6 billion.

Despite Zhang's success ...