Date
25 September 2017
Alibaba's record listing last week has vaulted its founder Jack Ma to the top of China's rich list. Photo: Bloomberg
Alibaba's record listing last week has vaulted its founder Jack Ma to the top of China's rich list. Photo: Bloomberg

Alibaba’s Jack Ma tops China rich list

Alibaba Group founder Jack Ma has become China’s richest man following his firm’s blockbuster US initial public offering, according to the latest Hurun Rich List.

Ma has a net worth of about US$25 billion following Alibaba’s record listing last week, putting the Internet tycoon on top of the list of China’s super-rich, a report showed Tuesday.

Hurun valued Ma’s wealth including both his minority stake in Alibaba and his stake in the group’s electronic-payment affiliate Alipay.

Ma pushed Wang Jianlin, chairman of real-estate developer and entertainment firm Dalian Wanda Group Corp, into the second place in the wealth list compiled by Shanghai-based Hurun. 

Wang’s fortune has been estimated at US$24.2 billion.

Half of this year’s top 10 on the China rich list were technology executives, including the top executives at Tencent Holdings, Baidu Inc., JD.com and Xiaomi, the Wall Street Journal noted.

Meanwhile, only two major property investors made the list amid a weaker real-estate market.

Tencent founder Pony Ma was No. 5 on the list with wealth of US$18.1 billion, while Baidu founder Robin Li was No. 6 with net worth of US$17.5 billion.

JD.com founder Richard Liu is China’s ninth richest person with wealth of US$8.8 billion, while Xiaomi founder Lei Jun was No. 10 with a fortune of US$7.5 billion.

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RC

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