Subscribe free to our newsletters via your
. 24/7 Space News .




INTERNET SPACE
Alibaba's Jack Ma tops China rich list: Forbes
by Staff Writers
Shanghai (AFP) Oct 28, 2014


Jack Ma, founder of e-commerce giant Alibaba, is China's richest person with a fortune of nearly $20 billion, as billionaires increase despite a slowdown in the country's economy, Forbes magazine said Tuesday.

The number of Chinese billionaires surged to 242 this year from 168 in 2013, Forbes said in its annual "China Rich List", which ranks the wealthy.

Ma's personal wealth ballooned to $19.5 billion from $7.1 billion last year after his company's record breaking initial public offering (IPO) on the New York Stock Exchange in September, according to the magazine.

The entrepreneur also topped a similar list released last month by China-based luxury magazine publisher Hurun, which put his wealth at a much higher estimate of $25 billion.

Alibaba was founded 15 years ago with $60,000 pooled together from Ma's friends, and is now valued at more than $240 billion after listing in the United States.

Ma, the former English teacher turned Internet visionary, reaped more than $800 million from selling shares through the IPO, according to company filings.

Wang Jianlin, whose private conglomerate Wanda bought US cinema chain AMC, was knocked out of first place and slipped to fourth this year, the Forbes list showed.

A "challenging" year for the domestic real estate sector, the main source of Wang's wealth, has seen his fortune shrink to $13.2 billion from $14.1 billion last year, it said.

China's economy expanded 7.3 percent in the third quarter, its slowest pace in more than five years, in part because of government moves to rein in real estate prices.

The technology sector fared better than traditional industries amid China's economic slowdown, commanding the top three spots and taking up half of the top 10, according to Forbes.

"Entrepreneurship is still thriving in China," said Russell Flannery, Shanghai bureau chief for Forbes and compiler of the list.

"The different set of industries and individuals (on the list) suggest there's still plenty of change in the economy," he told AFP.

Robin Li -- founder of Baidu, China's version of Google -- ranked second with wealth of $14.7 billion, while Pony Ma of Tencent, parent of China's most popular messaging app WeChat, sat in third place with $14.4 billion.

Lei Jun of rapidly rising mobile phone maker Xiaomi took eighth with $9.1 billion, and Richard Liu of e-commerce site JD.com -- which competes with Alibaba -- was in 10th position with $7.1 billion.

Completing the top 10, Li Hejun of renewable energy firm Hanergy was in fifth place with $13.0 billion, followed by beverage tycoon Zong Qinghou of Wahaha with $11.0 billion in sixth and nonferrous metals firm Amer's Wang Wenyin with $10.0 billion in seventh.

He Xiangjian, founder of home appliance maker Midea, took ninth with $7.5 billion.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Satellite-based Internet technologies






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








INTERNET SPACE
Yahoo profit surges on Alibaba divestment, mobile
San Francisco (AFP) Oct 22, 2014
Yahoo said Tuesday its quarterly profit surged with its sale of shares in Chinese Internet powerhouse Alibaba, and that it was seeing signs of life in its mobile Internet initiatives. Net profit jumped to $6.8 billion, which included $6.3 billion from its Alibaba shares. But profit was stronger than expected, and pumped up Yahoo shares by 3.1 percent in after-hours trade. Revenue from op ... read more


INTERNET SPACE
New lunar mission to test Chang'e-5 technology

Next Chinese mission to moon will return to Earth

China's ailing moon rover weakening

NASA Mission Finds Widespread Evidence of Young Lunar Volcanism

INTERNET SPACE
Eight months on 'Hawaiian Mars' tests rigors of exploration

Increasing cosmic radiation a danger for Mars missions

Mars Reconnaissance Orbiter Studies Comet Flyby

Mars rover had good opportunities to image passing comet

INTERNET SPACE
NASA Awards Advanced Technology Microwave Sounder for the JPSS-2 Mission

Dava Newman nominated for NASA post

"Houston: We Have A Problem...But No Worries, Our Virtual Therapist Is On It"

Space Trips To Change World For Better: Virgin Galactic CEO

INTERNET SPACE
China launches first mission to moon and back

China to send orbiter to moon and back: report

China's Secret Moon Mission

China's space policy gets even tighter

INTERNET SPACE
Troublesome boat forces Orbital to scrub rocket launch

Cosmonauts complete 3rd EVA for October

CASIS Issues RFP For EO Ideas Using ISS Technology

Cosmonauts Busy as US Segment Crew Takes Day Off

INTERNET SPACE
SpaceX returns to Earth loaded with lab results

Proton-M Lofts Express-AM6 Satellite

China Completes Country's Largest Spaceport

Argentina launches geostationary satellite

INTERNET SPACE
In a first, astronomers map comets around another star

Getting To Know Super-Earths

Astronomers Spot Faraway Uranus-Like Planet

NASA's Hubble Maps the Temperature and Water Vapor on an Extreme Exoplanet

INTERNET SPACE
'Cloud' lifts Microsoft earnings above expectations

E-waste inferno burning brighter in China's recycling capital

Suomi team ward off recent space debris threat

Argentina launches its first telecom satellite




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.