With USD 39 bn wealth, Alibaba founder Jack Ma reclaims top spot among Chinese billionaires

Press Trust of India  |  Beijing 

Jack Ma, the of the giant Alibaba, has regained the title of China's richest man with he and his family having a total wealth of about USD 39 billion, according to the latest version of the Hurun Rich List 2018.

The pioneer of China's had named Alibaba's 46-year-old as his successor who would take charge in September next year. Ma will remain Alibaba's executive during the year-long period to ensure a "smooth and successful" transition.

With 270 billion yuan (USD 39 billion) in wealth, Jack Ma's family became the richest in China, dethroning Xu Jiayin, whose wealth fell by 40 billion yuan to 250 billion yuan, (about USD 36 billion), the state-run Daily reported on Wednesday.

Ma Huateng, the founder, chairman and of the Chinese is placed at the third place in this year's list, with 240 billion yuan (USD 34 billion) in wealth.

The richest woman in China, Yang Huiyan, of Country Garden, grabbed the fourth place with 150 billion yuan (USD 21 billion) in personal wealth, the report said.

A great disparity of wealth remains between the top three, whose total wealth reached 760 billion yuan (about USD 110 billion) and the others in the top 10 list, having a total wealth of 995 billion yuan (USD 144 billion), it said.

Lei Jun, the and of Beijing-based Chinese company is the newcomer in the list, it said.

Lei and Wang Wenyin and his family, both shared 10th place with the total wealth of 110 billion yuan (USD 15 billion).

E-commerce, fintech and showed strong momentum to generate wealth in as two of the top three persons in the list work in these industries, the report said.

The provided wealth for three of the top 10, including Xu, and Chairman and family.

The age of China's richest ranged from 32 years to 76 years with Yan Hao, of being the youngest while of Midea Group, He Xiangjian, was the oldest person in the list, the report said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 11:20 IST