Jack Ma, founder and CEO of Alibaba and Ant Group, has lost the title of China’s richest man, according to a publication on Tuesday, March 2.
Jack Ma and his family had been on the number one spot for China’s richest in the Hurun Global Rich List in 2019 and 2020.
However, Jack Ma is now on the fourth position with a fortune of 360 billion yuan trailing behind a bottled water maker, Zhong Shanshan, owner of Nongfu Spring.
Jack’s fall out of the top position comes after “China’s regulators went after his Ant and Alibaba Group on anti-trust issues” the Hurun report said.
China’s current richest man, Zhong, tops at a fortune of 550 billion yuan ($85 billion). According the report, his fortune is due to the share price performances of Nongfu Spring and vaccine maker Beijing Wantai Biological Pharmacy Enterprise, which he equally controls.
Tencent Holding’s owner Pony Ma is second with a fortune of 480 billion yuan.
Pinduoduo’s e-commerce owner, Collin Huang, is third on the list with a fortune of 450 billion yuan.
Also on the list is Zhang Yiming, founder of TikTok. He made the fifth position with an estimated personal wealth of $54 billion.
P.S: $1 = 6.47 Chinese Yuan Renminbi