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Alibaba founder tops Forbes China Rich List

By Yana Berman

Jack Ma holds the position for the second year running

Jack Ma, the founder of Chinese e-commerce giant Alibaba, has topped the Forbes China Rich List for the second year in a row.

Despite the fact that Ma stepped down from his chairman position in September, his fortune grew from $34.6bn (£26.9bn) to $38.2bn within a year.

The second position this year belongs to Ma Huateng, CEO and co-founder of Chinese tech conglomerate Tencent Holdings. His net worth is around $36bn.

Hui Ka Yan, chairman of Chinese major real estate developer Evergrande Group, is on the third place with $27.7bn.

According to Forbes, more than half of the entrepreneurs mentioned on the list managed to increase their wealth in 2019, while about a quarter lost money during the problematic year.

The total wealth of the 400 people included in Forbes China Rich List comprised a stunning $1.29 trillion in comparison to last year’s $1.06 trillion, which represents 20 per cent growth.

In 2019, China was hit by yet another spike of the tariff war with the US. Its economy saw the lowest growth rate in the second quarter of 2019 since 1992.

However, in October Chinese manufacturers reported the strongest improvement in operating conditions since 2017. The month saw a significant increase in both output and new orders.

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