Alibaba founder tops China’s rich list for second consecutive year

Jack Ma, founder of Alibaba Group, topped Forbes’s list of China’s richest people for the second year in a row in 2019. Jack Ma, who resigned as chairman of the China Technology Corporation in September, saw his fortune rise to $38.2 billion from $34.6 billion in 2018.

“China economic growth may be easing but the country’s savvy entrepreneurs continue to find ways to create new businesses and fortunes,” said Russell Flannery, editor of Forbes China.

The Chinese economy is facing some headwinds as the prolonged trade war with the United States continues to worry investors’ sentiment and expectations, and the domestic economy is also slowing down. However, the total wealth of the 400 rich Chinese who were on China’s Forbes list this year rose to $1.29 trillion from $1.06 trillion, according to the magazine. This is an increase of more than 20% compared to last year.

There have been 60 new arrivals this year, and only those with $1 billion in net worth are included. Number 2 on this list this year was Bonnie Ma Huating, owner of Tencent Holdings, who is also CEO and co-founder. His net worth reached $36 billion.

The third richest man in China is Hui Ka Yan, president of Evergrande Group, one of the largest real estate developers in China. His net worth is $27.7 billion.

In fact, more than half of those on the list saw their wealth rise in 2019, and about a quarter saw a decline, according to Forbes.

Here is a list of the 10 richest people in China and their net worth, according to Forbes:

1) Jack Ma – founder of e-commerce giant Alibaba – $ 38.2 billion.

2) Ma Huateng – CEO of the technological giant Tencent Group – $ 36 billion.

3) Hui Ka Yan – head of real estate development in Evergrande – $ 27.7 billion.

4) Sun Piaoyang – chairman of the Jiangsu Pharmaceutical Company, $ 25.8 billion.

5) Yang Huiyan – Co-Chairman of Real Estate Development at Country Garden, $23.9 billion

6) He Xiangjian – founder of the Midea Group home appliance maker, $23.2 billion.

7) Colin Huang, CEO of e-commerce company Pinduoduo, $21.2 billion

8) William Ding, CEO of online and mobile games company NetEase, $17.2 billion

9) Qin Yinglin (and family), chairman of pig breeding and distribution firm Muyuan Foodstuff, $16.6 billion

10) Zhang Yiming, CEO of tech company ByteDance, $16.2 billion


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