Alibaba’s Jack Ma regains title as China’s richest man
Jack Ma, founder of internet group Alibaba, has regained his position as China’s wealthiest entrepreneur, the Financial Times reports, citing the country’s best known rich list.
The success is mainly due to a higher valuation of payments company Ant Financial.
Mr Ma, who announced last month that he would retire from the ecommerce group he founded almost 20 years ago, saw his wealth rise more than a third to $39bn, according to the Hurun rich list, after an April fundraising round valued Ant Financial at $150bn. The list, which Mr Ma last topped in 2014, is a snapshot of wealth on August 15 each year. Mr Ma overtook real estate magnate Xu Jiayin, founder of property developer Evergrande, who saw his wealth drop 14 per cent to $36bn as property sales growth slowed, with some analysts predicting housing sales volumes would reach a peak this year.
Pony Ma, the founder of Alibaba’s main Chinese tech rival Tencent, dropped one place to third with $35bn, the first time his fortune has shrunk since he entered the list in 2005. His drop reflected declines in Tencent’s share price due to a government suspension of approvals for new video games. This list also illustrated that slowing growth in China’s economy has dented the fortunes of hundreds of China’s wealthiest people. The number of people making the rich-list threshold of Rmb2bn ($290m) of personal wealth fell 456 this year to 1,893. That was the largest decline since the list began 20 years ago, reflecting a “drop in the stock exchange, a slowing economy and the US-China trade war”, said Rupert Hoogewerf, Hurun list founder. Sixty per cent of people on the list made their wealth from manufacturing, real estate, financial services and technology. The average age of entrepreneurs on the list was 55, while men comprised more than 70 per cent of list entries.
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