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Alibaba founder Jack Ma reclaims top spot among Chinese billionaires

Alibaba founder Jack Ma reclaims top spot among Chinese billionaires


Beijing: 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. PTI

K J M Varma

K J M Varma

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