Alibaba founder, Jack Ma, is the richest person in China

 Forbes names Alibaba founder Jack Ma richest person in China and for that matters, Alibaba is also the world’s largest B2B business currently. Jack Ma’s company has clearly shown skyrocketing performances in terms of raising profits and revenues on big margins. When Forbes announced, it was the first time that Jack Ma topped the list of Forbes annual ranking of China’s richest person. BBC reports “The founder of e-commerce giant Alibaba, Jack Ma, is China's richest person with a fortune of $19.5bn (£12bn), Forbes Media said. Mr. Ma's wealth more than doubled from last year's $7.1bn after his company's record-setting share sale in September.”

Forbes list showed that Entertainment firm Wanda's chief executive Wang Jianlin was knocked out of first place into fourth as the founder of Alibaba took over. Moreover, the number of billionaires in the country rose up to 242 in 2014 when compared to last year’s 168. Forbes said “Mr. Ma, a former English teacher, started the company 15 years ago. Alibaba is now valued at more than $240bn. It is seen as an industry leader commanding more than 80% of China's significant online e-commerce market. Earlier this year Mr. Ma also topped another rich list, China-based Hurun, which put his wealth at a much higher $25bn.” 

Baidu’s owner, Robin Li who is known as an inventor of China’s Google was ranked second in the list with an estimated net worth of $14.7bn, up from $11.1bn the year before. Ma Huateng, also known as Pony Ma, of Tencent, China's biggest online firm, held third position. The company is the parent of the most popular messaging app in China WeChat.