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Alibaba s Jack Ma slips to third in China rich list

Alibaba s Jack Ma slips to third in China rich list
Business
Asia s richest tech billionaire, Tencent s Pony Ma, also known as Ma Huateng, climbed to second after his fortune surged almost 60% to $39bn.

Leading the rankings was China s richest man, real estate magnate Hui Ka Yan.

The 59-year-old, also known as Xu Jiayin, is the chairman of the China Evergrande Group. His fortune rose more than 400% from last year to $42.5bn.

The huge increase in his wealth is due to the "extraordinary rise in the stock price of his company" which added more than $32bn to the property developer s net worth, according to Forbes.

Image caption China s richest man, Hui Ka Yan

However, Mr Hui s net worth is less than half that of .

He also trails behind the world s 10 richest people, which includes Berkshire Hathaway s Warren Buffet and Amazon chief executive Jeff Bezos.

As well as property, Mr Hui made his wealth from seeing the potential in China s healthcare spending to create Evergrande Healthcare.

He also owns a majority stake in one of China s professional football teams, Guangzhou Evergrande Taobao Football club.

Mr Hui is not the only multi-billionaire to have climbed in the rankings. Several Chinese property developers, internet entrepreneurs and manufacturers on the list saw significant gains in their wealth this year.

Image caption Mr Hui is the brainchild behind the Evergrande International Football School

As well as Alibaba founder Jack Ma dropping down the list, last year s richest man in China, Wang Jianlin, the chairman of the Chinese conglomerate Dalian Wanda Group, dropped to fourth place after his fortune fell nearly $8bn to $25.2bn.

His company was once described as the world s biggest private property developer and the world s largest cinema chain operator, but it lost value amid a major restructuring.
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