Jack Ma becomes ‘China’s richest man’, surpasses Wang Jianlinhttps://indianexpress.com/article/business/jack-ma-becomes-chinas-richest-man-surpasses-wang-jianlin/

Jack Ma becomes ‘China’s richest man’, surpasses Wang Jianlin

A jump in Alibaba's share price this year resulted in Jack Ma's wealth surpassing Wang Jianlin.

Alibaba founder Jack Ma. (file photo)

Going by the estimates made by Forbes, Jack Ma, chairman of China’s e-commerce leader Alibaba Group, recently dethroned Wanda Group Chairman Wang Jianlin as “China’s richest man”.

A jump in Alibaba’s share price this year resulted in Jack Ma’s wealth surpassing Wang Jianlin.  The company’s IPO in New York in 2014 set a record as the world’s biggest public stock offering.  After trading below $70 for most of last year, its stock closed at $120.34 in New York on Friday.

Such upheavals in the Forbes list demand a close quarter comparison of other South Asian players in the super-rich league. When it comes to billioniares in India, Mukesh Ambani is at the top. However, Mukesh Ambani’s wealth puts him five places below other billionaires in the Asian region.

Li Ka-shing from Hong Kong is the richest Asian tycoon in the list, trailed by Jack Ma. Li Ka-shing derives his riches from diverse sources- ports, utilities, telecom, real estate and retail. His companies employ over 310,000 people in more than 50 nations.

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Jack Ma’s Alibaba Group is one of the fastest growing e-commerce platforms in the world. Wang Jianlin, whom Jack Ma recently surpassed, is the founder of Dalian Wanda group, with investments in real estate and movie theater operations.

The fourth spot in the Forbes list of Asian tycoon is occupied by Ma Huateng, Chairman of social media firm Tencent. The firm’s popular services include mobile texting app WeChat that is used by 800 million people. It also works as a mobile wallet and social network.