Alibaba Founder Jack Ma Becomes Asia's Richest Man


Jack Ma, Executive Chairman of the Alibaba Group, at the Clinton Global Initiative in New York, USA, 23 September 2014. Ma is the richest person in Asia, according to a new list of the world's billionaires. EPA/RAY STUBBLEBINE

BEIJING (DPA) — The founder of Chinese internet giant Alibaba, Jack Ma, is now the richest person in Asia, according to a new list of the world's billionaires.

With an estimated wealth of 28.6 billion dollars, Ma overtook the Hong Kong property tycoon Li Ka-shing at 28.3 billion dollars, according to financial newswire Bloomberg.

Ma was catapulted into the ranks of the world's richest after his sprawling e-commerce firm floated on the New York Stock Exchange in the bourse's biggest ever initial public offering.

Much of Ma's money comes from his 6.3-per-cent stake in Alibaba, which has risen some 54 per cent since September, Bloomberg said.

Alibaba is a collection of businesses which concentrate on online shopping and online payment, and has been compared to a combination of eBay, PayPal and Amazon.

China produces more new billionaires than anywhere else in the world, currently numbering over 300.

 

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