Jack Ma overtakes Wang Jianlin to become China's richest man



Jack Ma, founder and chairman of China's e-commerce giant Alibaba Group, has overtaken Wanda Group's Wang Jianlin to become the richest person in China.

According to Forbes, Ma ranked 21st globally with a fortune of US$30.9 billion while Wang ranked 22nd with US$30.7 billion.

Ma's fortune increased after the market value of Alibaba Group hit US$300 billion last week. The digital company's share price has grown from US$85 to US$120, an increase of nearly 50 percent in five months. Alibaba is also the second Chinese company to break the US$300 billion bench after Tencent Inc.

Forbes suggested that Tencent's Chairman Ma Huateng may overtake Jack Ma and Wang Jianlin for the top spot in China’s wealth rankings. Ma Huateng is ranked 24th in the world with an estimated fortune of US$29.7 billion.

Back in March, Wang led Chinese businessmen in Forbes' annual fortune list with US$31.3 billion, followed by Li Ka-shing and Jack Ma.