Hurun Rich List 2018 ranks Jack Ma as China's richest

Source:Cfbond 2018-10-10 14:02

By Yin Lei

Jack Ma and his family top the Hurun China Rich List 2018 unveiled on Wednesday with a total wealth of 270 billion yuan (39 billion U.S. dollars).

Prepared by the Shanghai-based Hurun Report Inc., a company famous for its ranking of high net worth Chinese individuals, the Hurun China Rich List is published annually to rank Chinese billionaires with wealth above 2 billion yuan (289 million U.S. dollars). Its 2018 version includes a total of 2,130 Chinese individuals, couples, and families based on their financial data available until Aug. 15.

This year's update shows that 54-year-old Jack Ma and his family had within one year increased their wealth by 70 billion yuan (around 10.12 billion US dollars), moving from third place on the list in 2017 to this year's number one.

Ranked second is 60-year-old Xu Jiayin, chairman of China's leading real estate developer Evergrande Group, whose assets stand at 250 billion yuan (36.14 billion U.S. dollars). In 2017, he was rated as the richest Chinese by Hurun Report Inc. when he owned 290 billion yuan (41.9 billion U.S. dollars).

At his heels is Pony Ma, the 47-year-old chairman and CEO of Tencent Holdings Limited whose wealth slipped from 250 billion yuan in 2017 (36.14 billion U.S. dollars) to this year's 240 billion yuan (34.69 billion U.S. dollars). His company, an online gaming and social media giant, operates the multi-purpose messaging app WeChat popular in China, among others.

Out of the over 2,000 billionaires covered by this year's list, 60 percent made their fortune mainly from the four sectors of manufacturing, real estate, financial investment and information technology. Most of the 219 new faces this year come from the Technology, Media and Telecom (TMT) domains.

Huang Zheng, who helms the online shopping platform Pinduoduo just listed at the Nasdaq Stock Exchange in July, takes 15th place. Contemporary Amperex Technology Limited, which specializes in electric vehicle batteries, elevated seven of its shareholders to the rich list after floating its shares at home in June.