Chinese e-commerce giant Alibaba’s founder Jack Ma has become the richest man in China. Leaving behind real estate and entertainment tycoon Wang Jianlin, Ma becomes China’s richest person with a $30.9 billion fortune, according to Forbes. Alibaba was established in 1999.
The one-third rise in Alibaba’s share price so far this year has helped Alibaba gain such big fortune. Its IPO in New York set a record as the world’s biggest public stock offering in 2014. After trading for some time below $70 last year, its stocks closed at $120.34 in New York on Friday.
As per Forbes, Asia’s richest man is currently Li Ka-shing of Hong Kong, with a fortune worth $32.9 billion.
Ma surpassed the richest man of China Wang Jianlin, who has been on the No. 1 spot in China’s wealth rankings over the past few years. These rankings may have another shakeup, however, following a run-up in the stock price of Tencent Holdings, which operates WeChat,the country’s popular online messaging application. As on Friday, Tencent Chairman Ma Huateng’s fortune was worth $29.7 billion.