The WSJ: Alibaba founder Jack Ma has become the richest man in China, according to the Hurun Rich List.
Alibaba founder Jack Ma leapt to the top of an annual survey of the richest people in China released on Tuesday, leading a group of technology executives benefiting from investor bets on a digital Chinese future.
Jack Ma
According to the Hurun Rich List, Mr. Ma, executive chairman of e-commerce giant Alibaba Group Holding Ltd., and his family possess about $25 billion. The list is compiled by the Shanghai-based research group Hurun Report. That tally comes from his minority stake in Alibaba, which raised about $25 billion last week in its blockbuster initial public offering, as well has his stake in electronic-payment affiliate Alipay.
Alibaba representatives didn't immediately respond to a request for comment.
Four more technology figures made the top 10, including the top chairmen of Alibaba rivals Tencent Holdings Ltd., Baidu Inc. and JD.com Inc., as well as smartphone maker Xiaomi Inc.
The Hurun report said Wang Jianlin, who last year was China's richest man, and his family slid to No. 2 with estimated wealth of $24.2 billion.
Wang Jianlin
Mr. Wang is chairman of Dalian Wanda Group Corp., a property and entertainment conglomerate. The company couldn't immediately be reached for comment.
China's slipping real-estate market took a toll on the country's property magnates, who often dominate the list. Only two made this year's list, compared with six last year.
