Jack Ma is back as China’s richest individual —Forbes

Internet heavyweight Jack Ma has regained his seat as the richest person in China, with a net worth surged of $34.6 billion, according to the 2018 Forbes China Rich List.

Ma returned to the top spot for the first time since 2014, despite being worth less than $4 billion than a year earlier, Forbes noted on Thursday.

He unseated China Evergrande’s Hui Ka Yan who dropped to the third place after his net worth fell by 28 percent or $11.7 billion to $30.8 billion, the biggest drop in dollar terms.

Tencent’s Ma Huateng, also known as Pony Ma, held on to the second place with a net worth of $32.8 billion despite a $6.2 billion drop.

Through Ant Financial Services Group, Ma has assets in the Philippines after the company acquired a 45-percent stake in Globe Fintech Innovations Inc. (Mynt) in 2017.

Pony Ma’s Tencent Holdings Limited confirmed earlier this month that it entered the Philippine market after acquiring a “substantial” minority stake in PLDT Inc.’s Voyager Innovations Inc.

Rounding up the top five richest individuals in China are Wang Jianlin (real estate; $22.7 billion), and He Xiangjian (home appliances; $19.5 billion).

They were followed by Yang Huiyan (real estate; $17.1 billion), Wang Wei (package delivery; $14.9 billion), Robin Li (internet search; $14.6 billion), Li Shufu (automobiles; $14.2 billion), and William Ding (online games; $13.5 billion).

According to Forbes, more than three-quarters of the top 400 on last year’s list noted a drop in their net worth due to credit and trade worries, tumbling stocks, and a falling renminbi.

Of those who remained on this year’s list, 229 saw a drop in their net worth with nearly a third posting declines of 20 percent or more.

“The world has come to associate China with wealth creation, and it is startling to see the extent of wealth destruction this year,” said Russell Flannery, the editor-in-chief of Forbes China.

“China’s economy is more globalized than ever, and changes in the international landscape and business expectations had a big impact on the list,” he added.

The list takes into account shareholdings and financial information obtained from families and individuals, stock exchanges, analysts, and China’s regulatory agencies.

It lists both individual and family fortunes, including those shared among company founders and their immediate relatives. —Jon Viktor Cabuenas/VDS, GMA News