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Jack Ma dethrones Wanda's Wang to take richest crown

Yang Yang

China Daily/Asia News Network

 /  Tue, May 16, 2017  /  07:45 pm
Jack Ma dethrones Wanda's Wang to take richest crown

China's Alibaba Group founder and executive chairman Jack Ma speaks during the launching of the country's Digital-Free Trade Zone in Kuala Lumpur on March 22, 2017. (AFP/Mohd Rasfan)

Jack Ma, chairman of China's e-commerce leader Alibaba Group, has surpassed Wang Jianlin, chairman of Dalian Wanda Group, to become the richest mainland Chinese, according to Forbes magazine.

As of Friday, Ma's fortune was worth $30.9 billion, compared with $30.7 billion for Wang. Ma Huateng, chairman of Tencent, took the third spot with $29.7 billion, according to the magazine.

Ma took the crown thanks to more than one-third rise in Alibaba's share price, which was $120.34 in New York on Friday.

Wang has made his wealth mainly from real estate and the entertainment industry.

Read also: Jeff Bezos is just $5 billion away from being the world's richest person

In the past few years, Jack Ma and Wang Jianlin have rotated the No. 1 spot in China's wealth rankings.

However, the rankings may be poised for another shakeup as Ma Huateng's wealth increased rapidly following a run-up in the stock price of Tencent Holdings, which operates the country's popular WeChat online messaging platform. Ma Huateng's wealth is just $1 billion less compared with Ma and Wang.

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

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This article appeared on the China Daily newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post