Alibaba Group Holding Ltd (NYSE:BABA)’s founder, 50-year-old, Jack Ma, is now Asia’s richest person having surpassed property and port tycoon, Li Ka-Shing, who has held the spot since 2012. 15 years ago, Ma was an English teacher in Hong Jo where he started the Chinese online sensation Alibaba; reports Bloomberg’s Yvonne Man.
The rise to fame to become one of the richest persons in the world has been attributed to the success that Alibaba Group Holding Ltd (NYSE:BABA) has experienced over the years. Ma is currently ranked 19th in the richest person’s list surpassing Hong Kong Billionaire Li who controls Cheung Kong Holdings Ltd and whose net worth has dropped by 1.9% this year to $28.3 billion.
“He added $25 billion to his fortune after his IPO on September now shares of Alibaba Group Holding Ltd (NYSE:BABA) went up 1% overnight which now makes Ma worth $28.6 billion according to Bloomberg billionaire’s index. Shares have surged 54% since it began trading in the U.S one of the biggest in History. Some call it a global stock which you cannot ignore,” said Mrs. Man.
A greater chunk of Ma’s wealth comes from his stakes in Alibaba Group Holding Ltd (NYSE:BABA) that currently stands at 6.3% valued at $16.3 billion. The billionaire founder also controls almost half of stakes at Alibaba’s payment system Alipay.
Ma still lags the likes of Bill Gates and Warren Buffett who are way ahead in the richest list. Ma’s fortunes have already surpassed that of Amazon.com, Inc. (NASDAQ:AMZN)’s CEO, Jeff Bezos, and is just under Google Inc. (NASDAQ:GOOGL)’s founder Sergey Brin, who is ranked 18th in the world. Mark Zuckerberg is still ahead of Brin and Ma with a net worth of $34.4 billion.
The rate at which China’s internet space is growing essentially means that Ma remains well positioned to jump positions in the coming years as Alibaba Group Holding Ltd (NYSE:BABA) continues to operate as a monopoly. Billionaires in China continue to grow their wealth because the economy in the country is still young and growing at an alarming rate thanks to the huge marketplace for goods and services.
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