Jack Ma, the founding father of Chinese language e-commerce big Alibaba Group Holding Ltd., took first place in Forbes China’s annual rating of richest people for the third yr in a row.
Ma’s wealth elevated by 72% to $65.6 billion, in accordance with the list revealed on Thursday.
This record used the closing worth and the midpoint of the RMB/USD alternate fee on Oct. 26 to calculate the wealth worth. This was every week earlier than Ma’s fintech big Ant Group suspended its itemizing in Hong Kong and Shanghai on Nov. 3 as a consequence of regulatory causes.
Along with Jack Ma, a complete of 10 particular person shareholders of Ant Group are included on this yr’s record of China’s richest individuals.
Tencent Holdings Ltd.’s founder Pony Ma, whose fortune jumped 45% to $55.2 billion, positioned second on the record. Founding father of bottled water enterprise Nongfu Spring Zhong Shanshan got here in third place with $53.9 billion.
“With the development of capital market reforms, and after the global pandemic, China’s economy has recovered the best among major economies,” the article mentioned.
The mixed fortunes of the highest 400 richest Chinese language jumped to $2.11 trillion from final yr’s $1.29 trillion. The fortunes of almost two-thirds of people on the record elevated previously yr.
The tech sector has drastically pushed the expansion of fortunes, the article wrote. The online value of Colin Huang, chairman of e-commerce platform Pinduoduo, jumped to $30.6 billion and is seventh on the record. Richard Liu, chief govt of Pinduoduo’s rival JD.Com, soared to $20.3 billion.
In accordance with the record, China is catching up with the US in wealth creation at an accelerating tempo.
The entire wealth of the 400 billionaires and billionaire who made China’s wealthy record this yr grew by $820 billion from a yr in the past. By comparability, the whole wealth of these on Forbes’ record of the 400 richest Individuals, launched in September, grew by solely $240 billion.