Jack Ma tops China’s financial elite listicle

Jack Ma tops China’s financial elite listicle

Alibaba’s Jack Ma leads the way in the annual Hurun China Rich List, which covers those with a net worth over two billion yuan ($209 million).

The listicle notes that Ma, 54, climbed back to the position of richest man in China, just weeks after announcing his retirement from Alibaba. “The US$10 billion growth in his wealth to US$39 billion was mainly due to a new round of investment in Alipay’s mothership, Ant Financial. Jack Ma founded two of China’s most valuable companies.”

“By the end of September 2018, Alibaba’s market value hit US$390 billion, making it the most valuable company from China and top 10 in the world, whilst the value of Ant Financial shot past US$100 billion. Ma’s successor, Daniel Zhang Yong, also made the list with US$580 million, ranking him at 1,007. Ma made 90% of his fortune after the age of 50, which should give people under the age of 50 a lot of hope.”

JD.com

JD.com’s Liu Qiangdong came in at 30th with US$11 billion, up 7% on last year but down significantly from a high in January before a rape accusation in the US contributed to a crash in the share price of the e-commerce giant. His wealth did, however, gain pace after a successful B round financing in JD Finance.

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