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September 24, 2014

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Alibaba chief named richest man on China’s mainland in annual poll

THE huge success of Alibaba’s launch on the New York stock market last week catapulted its chairman and founder Jack Ma to the No. 1 spot on the list of the wealthiest people on China’s mainland.

According to the Hurun Chinese mainland rich list, the world’s largest ever initial public offering inflated Ma’s personal fortune to US$25 billion, a sixfold increase from last year.

The bulk of Ma’s wealth comes from his 6 percent stake in Alibaba and 46 percent holding in Alipay.

“It has been an amazing year for China’s tycoons despite the jitters about the nation’s economy,” the Hurun Report said about its annual rich list.

Last year the China-based magazine publisher estimated the personal wealth of the former English teacher turned Internet entrepreneur at just over US$4 billion, placing him 29th on the list.

In 2012, Ma ranked 46th with US$2.4 billion.

When he launched Alibaba 15 years ago, he had to persuade friends to lend him US$60,000.

His parents were poorly educated and his father relied on a monthly pension of just US$40 to support the family.

Slipping into second place on this year’s list was 60-year-old Wang Jianlin, the founder and chairman of Dalian Wanda Group, who lost his crown despite seeing his personal wealth expand by 7 percent to US$24.2 billion.

Wang might well regain the top spot, however, when Wanda floats on the Hong Kong stock exchange in a deal likely to value the company at close to US$50 billion.

A total of 1,271 people made this year’s Chinese mainland rich list, which is based on a snapshot of their wealth taken on August 15.

Their combined fortune totaled 8.15 trillion yuan (US$1.3 trillion), or more than the gross domestic product of Spain or South Korea.

Of those listed, 819 saw their wealth grow in the previous 12 months, up from 672 the year before, while the number of dollar billionaires rose by 39 to a record 354.

The figures are based on the individuals’ stakes in listed and non-listed companies, and other significant asset holdings.

The fast-growing technology sector brought three new faces into the top 10 this year, namely renewable energy tycoon Li Hejun (equal third), boss of e-commerce retailer jd.com Richard Liu (ninth) and Xiaomi Technology founder Lei Jun (10th).

Eight entrepreneurs, mostly from the IT and e-commerce sectors and born since 1980, also made the list.

Despite the emergence of several new sectors, manufacturing and real estate remained the primary source of wealth for almost half of the people on the list.

“It shows the dynamism of the Chinese economy, and is a stark reminder of the growth potential that is being realized in the emerging markets. Ten years ago there were only three dollar billionaires, now there are 354,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.

“The entrepreneurial spirit that has caught China is showing no signs of abating, with eight self-made individuals born in the 80s making the list. Any country would be proud of that,” he said.

Also making the top 10 were Wahaha drinks magnate Zong Qinghou and Tencent’s Pony Ma, at equal third and fifth place, respectively.

Baidu’s Robin Li and wife Melissa Ma held on to sixth place, ahead of road builder and investor Yan Jiehe and his son Yan Hao, who made their debut on the list in seventh. Their arrival pushed real estate and beverage investor Yan Bin down to the No. 8 spot.

According to the list’s compilers, seven of this year’s top 10 are among the country’s most popular social media bloggers.




 

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