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KEY STAT | Alibaba’s Jack Ma retains title of richest man in China for the third year

Written by Julianna Wu Published on 

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Tencent’s Pony Ma registers the biggest personal wealth increase among all the names on the rich list.

Alibaba (NYSE: BABAHKEX: 9988) founder Jack Ma continues to be the richest man in China for the third year with a total personal wealth of USD 58.8 billion, up 45% from last year, according to the Hurun China rich list 2020 published on Tuesday.

After announcing his retirement in 2019, the 56-year-old entrepreneur officially exited the board of the e-commerce behemoth in early October this year. But the impending IPO of Ant Group, of which Jack Ma remains the controlling stakeholder, has pushed his wealth, as the fintech unicorn is believed to launch the world’s biggest public listing ever.

Meanwhile, Tencent’s (HKG: 0700) founder and CEO Pony Ma retains the second place on the list with a total personal wealth of USD 57.4 billion, up 50% from the year before thanks to the company’s better-than-expected earnings and successful investments.

Read this: KEY STAT | CEO of beverage company topples Alibaba and Tencent founders to become the richest man in China

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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