Alibaba boss Jack Ma is China’s richest – Forbes

Chinese Business magnate and founder and executive chairman of Alibaba Group Jack Ma shares his experience during a forum with the students of De La Salle University students in Taft Avenue, Manila. INQUIRER PHOTO / RICHARD A. REYES

Alibaba Group founder and Chairman Jack Ma is China’s richest person.

With a net-worth of $34.6 billion, Forbes magazine placed Ma at the top of its 2018 China Rich List released Thursday.

Ma replaced Hui Ka Yan, chairman of Hong Kong-based Evergrande Group, who landed 3rd in Forbes’ list for 2018.

According to Forbes, Ma reclaimed the No. 1 spot for the first time since 2014 even if his wealth fell by $4 billion from 2017’s $38.6 billion to this year’s $34.6 billion.

Ma is one of the founders of Alibaba Group, which is one of the world’s largest e-commerce businesses.

He announced his resignation last September, saying he would devote his time to philanthropy focused on education. His resignation was also meant to purportedly promote the company’s long-term growth and reduce its dependence on any one person. He would be succeeded by Alibaba’s Chief Executive Officer Daniel Zhang.

READ: Alibaba co-founder Jack Ma announces retirement

This year, Forbes said “tumbling stocks and a falling renminbi” affected the decrease in the fortunes of China’s richest people.

Yan, who owns China’s biggest real estate development firm, had the biggest loss with his net worth decreasing by $11.7 billion from last year’s $42.5 billion to this year’s $30.8 billion.

Meanwhile, Ma Huateng, chairman of China’s internet giant Tencent Holdings, retained his No. 2 place in the list.

Huateng, also owner of messaging app WeChat, had a wealth that slumped by $6.2 billion from last year’s $39 billion to this year’s $32.8 billion.  /kga