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Jack Ma
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Jack Ma unseats Wang Jianlin as China’s richest man with US$31 billion fortune

The tech tycoon’s net worth was US$31 billion, narrowly outstripping US$30.8 billion for Wang, according to Forbes

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Alibaba founder and executive chairman Jack Ma saw his personal wealth increase as the company’s share price rocketed. Photo: Xinhua
Celine Ge

Jack Ma, Alibaba Group’s chairman, has unseated Dalian Wanda boss Wang Jianlin to reclaim his crown as China’s richest man.

As of Thursday, Ma’s net worth was US$31 billion, narrowly outstripping US$30.8 billion for Wang, the property-to-entertainment mogul who controls the world’s largest cinema chain AMC Entertainment and China’s largest private developer, according to Forbes.

The technology tycoon’s wealth has been boosted by a solid rally in Alibaba’s share price, which has soared 37 per cent so far this year. Alibaba owns the South China Morning Post.

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Wang Jianlin, chairman of Dalian Wanda Group, lost the top spot as China’s movie box office took a hit. Photo: Reuters
Wang Jianlin, chairman of Dalian Wanda Group, lost the top spot as China’s movie box office took a hit. Photo: Reuters
But a formidable challenger to both Ma and Wang in the race for riches is internet behemoth Tencent Holding’s chairman Pony Ma Huateng, 45. His fortunes have received a huge boost from the immense popularity of messaging app and mobile payment provider WeChat.
Just over the last 24 hours, a bull run in Tencent’s stock on the back of robust first-quarter earnings has added a whopping US$1.2 billion to Pony Ma’s total net worth – enough to help him overtake Wang in the real time rankings. Shares of the Hong Kong-listed company gained 4 per cent to HK$270 by midday Thursday, compared with a 0.3 per cent dip in the benchmark Hang Seng Index.
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The fortune of the Shenzhen-based tech mogul now stands at US$30.9 billion, just US$100 million shy of Alibaba’s chairman and founder.

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