Jack Ma becomes emotional while leaving Alibaba's 20th anniversary gala in Hangzhou City, Zhejiang Province, Sept. 10, 2019. (Photo: China News Service/Wang Gang)
(ECNS) -- Jack Ma, who recently resigned as chairman of e-commerce giant Alibaba, which he co-founded, topped the list of Fortune China’s Rich List 2019, with a wealth of 270.1 billion yuan ($38.2 billion).
He was followed by Tencent CEO Huateng Pony Ma, with a fortune worth 254.55 billion yuan, and Evergrande Group Chairman Hui Ka Yan, worth an estimated 195.86 billion yuan. Their ranks are unchanged from last year.
The minimum net worth required to make the list this year was $1 billion, the same as in 2017, after dropping to $840 million in 2018. There were 60 newcomers to the list.
The total wealth of the 400 members of the China Rich List rose by more than a fifth from a year ago, to 9.12 trillion yuan. More than half of those listed saw their fortunes climb in the past year, while a quarter saw their fortunes fall.
E-commerce has brought fortunes to many on the list. Colin Huang, CEO of e-commerce site Pinduoduo, saw his estimated net worth soar to 149.9 billion from 77.63 billion last year. Lai Meisong, CEO of Alibaba-backed express delivery firm ZTO, also saw his fortune climb 32.53 billion.
Amid rising spending on healthcare in China, business leaders in pharmaceutical and healthcare sectors also reported more wealth. Sun Piaoyang, the chairman of Jiangsu Hengrui Medicine, and his wife Zhong Huijuan together moved up to the fourth spot on the list with a fortune of 182.43 billion.