Forbes China Rich List was topped by the founder of Alibaba Group – Jack Ma, fcor the second year in a row for 2019.
There was a increase in the personal wealth in 2019 from $34.6 billion in 2018 to $38.2 billion for Ma who relinquished his post of the Chinese tech giant’s chairman in September.
“China’s economic growth may be easing but the country’s savvy entrepreneurs continue to find ways to create new businesses and fortunes,” said Russell Flannery, editor-in-chief of Forbes China. “Access to capital markets also notably helped.”
Since the protracted and acrimonious trade war with the United States started about 16 months ago, the Chinese economy has been facing some headwinds as the trade war has impacted the business and investment sentiments and outlook for the economy. Further, business sentiment is also not being weighed down by a slowdown in the growth of the domestic economy of the second largest economy of the world.
However despite the economic conditions at home and elsewhere, according to the Forbes magazine the combined wealth of the 400 people on Forbes’ China Rich List for 2019 increased to touch $1.29 trillion compared to a total value of $1.06 trillion in 2018. That marked a 20 per cent increase for the current year compared to a year earlier.
The Forbes’ list included 60 newcomers for the current year. The list includes only those individuals who have a minimum net worth of $1 billion each.
Pony Ma Huateng of Tencent Holdings was the number 2 on this year’s list. The net worth of Chinese business magnate reached $36 billion this year. Huateng is the CEO and co- founder of the Chinese tech conglomerate.
According to the list, the third richest man in China is Hui Ka Yan, chairman of Evergrande Group, with a net worth of $27.7 billion, and he heads one of the largest real estate developers in China.
The list also noted that there was an increase in net wealth of more than half of those who made the list this year while there was a drop in eth wealth of about quarter of those included in the list.
According Forbes, the other names among top ten of the richest men in China include Sun Piaoyang, chairman of pharmaceutical company Jiangsu Hengrui Medicine who has a net worth of $25.8 billion, Yang Huiyan, co-chairman of real estate developer Country Garden co-chairman whose net worth is at $23.9 billion and He Xiangjian, founder of home appliance-maker Midea Group with a met personal wealth of $23.2 billion.
The other billionaires of China who made it into the Forbes China list include Colin Huang, CEO of e-commerce company Pinduoduo, William Ding, CEO of online and mobile games company NetEase, Qin Yinglin (and family), chairman of pig breeding and distribution firm Muyuan Foodstuff and Zhang Yiming, CEO of tech company ByteDance.
(Adapted from CNBC.com)