With USD 39 bn wealth, Alibaba founder Jack Ma reclaims top spot among Chinese billionaires


Beijing, Oct 10, 2018 (BSS/PTI) – Jack Ma, the founder of the e-commerce
giant Alibaba, has regained the title of China’s richest man with he and his
family having a total wealth of about USD 39 billion, according to the latest
version of the Hurun China Rich List 2018.

Ma, 54, who last month made surprise announcement of his retirement as the
executive chairman of the USD 420 billion e-commerce giant, has pipped
Chinese property mogul Xu Jiayin.

The pioneer of China’s internet industry had named Alibaba’s Chief Executive
Officer (CEO) 46-year-old Daniel Zhang as his successor who would take charge
in September next year. Ma will remain Alibaba’s executive chairman during
the year-long period to ensure a “smooth and successful” transition.

With 270 billion yuan (USD 39 billion) in wealth, Jack Ma’s family became the
richest in China, dethroning Evergrande Chairman Xu Jiayin, whose wealth fell
by 40 billion yuan to 250 billion yuan, (about USD 36 billion), the state-run
China Daily reported on Wednesday.

Ma Huateng, the founder, chairman and CEO of the Chinese internet giant
Tencent Holdings is placed at the third place in this year’s list, with 240
billion yuan (USD 34 billion) in wealth.

The richest woman in China, Yang Huiyan, vice-chairwoman of Country Garden,
grabbed the fourth place with 150 billion yuan (USD 21 billion) in personal
wealth, the report said.

A great disparity of wealth remains between the top three, whose total wealth
reached 760 billion yuan (about USD 110 billion) and the others in the top 10
list, having a total wealth of 995 billion yuan (USD 144 billion), it said.

Lei Jun, the founder and CEO of Beijing-based Chinese electronics company
Xiaomi is the newcomer in the list, it said.

Lei and chairman of Amer International Group Wang Wenyin and his family, both
shared 10th place with the total wealth of 110 billion yuan (USD 15 billion).

E-commerce, fintech and internet service industries showed strong momentum to
generate wealth in China as two of the top three persons in the list work in
these industries, the report said.

The real estate industry provided wealth for three of the top 10, including
Xu, Yang Huiyan and Dalian Wanda Group Chairman Wang Jianlin and family.

The age of China’s richest ranged from 32 years to 76 years with Yan Hao,
chairman of the board of Pacific Construction Group being the youngest while
founder of Midea Group, He Xiangjian, was the oldest person in the list, the
report said.