Jack Ma overtakes Wang Jianlin as China’s richest man

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PETALING JAYA: Founder and executive chairman of Alibaba Group Jack Ma has surpassed Wanda Group chairman Wang Jianlin as the richest man in mainland China.

According to Forbes, Ma has a net worth of US$31.1 billion (RM134.5 billion) compared with US$30.9 billion for Wang. Wang’s wealth mainly comes from real estate and the entertainment industry.

Ma’s fortune has gained from a more than one-third rise in Alibaba’s share price so far this year amid growing profits. Its IPO in New York in 2014 set a record as the world’s biggest public stock offering.

The magazine reported that Ma Huateng, chairman of Internet service provider Tencent, is now the third richest man in mainland China, having a net worth of US$29.7 billion.

Asia’s richest man is currently Li Ka-shing of Hong Kong, with a fortune worth US$32.9 billion, according to Forbes.