Jack Ma loses the title of China’s richest man after falling under Beijing’s influence.

Alibaba founder Jack Ma has lost the title of China’s richest man, a list published on Tuesday showed. His peers prospered as his empire was put under heavy scrutiny by Chinese regulators. Ma’s recent woes were triggered by an Oct. 24 speech in which he blasted China’s regulatory system. Tencent’s Ma saw his wealth swell 70% over the year to 480 billion yuan ($74.16 billion) Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang also in the top three.

The list was published by Hurun Global Rich List on Tuesday and published annually on Tuesday. The wealth of Ma and his family grew 22%, to 360 billion yuan, compared to the wealth of the current richest man at $74.2 billion. The next richest man on the list is water maker Zhong Shanshan, worth $74 billion, the list said. The top five billionaires in the Hurun list are Zhong, Pony Ma, Zhang Yiming, CollinHuang, Jack Ma, Tencent, PonyMa.


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Kobby Koomson
Author: Kobby Koomson

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