Alibaba’s Jack Ma overtakes Wanda’s Wang Jianlin as Asia’s richest man

Hong Kong’s Li Ka-shing now in third place

PUBLISHED : Wednesday, 27 April, 2016, 11:12am
UPDATED : Wednesday, 27 April, 2016, 1:54pm

Alibaba Group chairman Jack Ma Yun overtook Dalian Wanda’s Wang Jianlin as Asia’s richest man after the e-commerce giant’s financial affiliate raised a record amount in its latest round of fundraising.

Ma added US$4.3 billion to his fortune on Tuesday after his Ant Financial’s latest deal, expanding his wealth to US$33.3 billion, according to the Bloomberg Billionaires Index. That puts him ahead of Wang’s US$32.7 billion and Hong Kong tycoon Li Ka-shing’s US$29.5 billion.

Alibaba affiliate Ant Financial Services closes record US$4.5b round of financing

Ma’s lead among Asia’s billionaires could be short lived as Wang reorganises his entertainment business and seeks to relocate his property unit’s listing in search of higher valuations in mainland China – deals that could affect the property-to-entertainment mogul’s fortune.

Alibaba’s Jack Ma on China’s economy, Hong Kong and the South China Morning Post: full Q&A

Alibaba’s billionaire chairman owns 6.3 per cent of Alibaba and 37.9 per cent of Ant Financial, whose full name is Zhejiang Ant Small & Micro Financial Services, after the fundraising. Ma is also said to be planning to take Ant Financial public in what could be China’s largest initial public offering since 2010.

Alibaba Group is the owner of the South China Morning Post.