Tech giants Alibaba, Tencent and Baidu dominate China’s rich list as blockchain firms rise
Alibaba’s Jack Ma returns to the top of the Hurun Rich List, with Xiaomi’s Lei Jun making his first appearance in the top 10
(Abacus is a unit of the South China Morning Post, which is owned by Alibaba.)
The Alibaba founder isn’t the only tech giant on the list. Tencent’s Pony Ma, Baidu’s Robin Li and his wife, and Xiaomi’s Lei Jun are respectively ranked second, ninth and tenth.
That’s the overall top ten. Let’s take a closer look at the notable tech names on the rich list.
1) Jack Ma & family (Alibaba)
Following the revaluation of Ant Financial, an affiliate of Alibaba, Jack Ma and his family's wealth increased by US$10 billion to a whopping US$39 billion this year. The last time the 54-year-old billionaire topped the list was four years ago.
From failing student to Alibaba founder: The story of Jack Ma
3) Pony Ma (Tencent)
It’s also worth noting that Zhang Zhidong, another co-founder of Tencent, is also ranked as China’s 13th richest man.
Pony Ma, the tycoon behind China's social media and gaming giant Tencent
9) Robin Li & Melissa Ma (Baidu)
The company was seeing a boom in the past two years as it rebrands itself as a leader in AI and driverless cars. But recently, a sell-off in Chinese stocks, driven by the U.S.-China trade war, has been hitting shares of Baidu.
How Baidu's Robin Li founded China's answer to Google
10) Lei Jun (Xiaomi)
How Xiaomi forged a unique path
13) Colin Huang (Pinduoduo)
Colin Huang, the founder of e-commerce platform Pinduoduo, is the rising star on this list. This is his first appearance on this list, but he has already amassed a net worth of US$14 billion.
It came just three years after the ex-Googler started Pinduoduo, which listed on the NASDAQ in July. Pinduoduo differentiates itself from other ecommerce platforms by giving consumers in lower-tier cities discounts for purchasing in groups.
Pinduoduo: China’s hottest online shopping startup
16) Ding Lei (NetEase)
But the company was hit hard by the same regulatory shakeup in gaming that affected Tencent, causing Ding to drop six places on this list from last year.
Meet NetEase, China’s second-largest game publisher
24) Richard Liu (JD.com)
Google’s new Chinese partner, JD.com, is an online retail titan
26) Zhang Yiming (ByteDance)
The developer of China’s top news and short video apps, ByteDance, saw its founder Zhang Yiming’s fortune more than double this year, thrusting him into the list’s top 30 with a net worth of US$9.4 billion.
Breaking down China's most popular news app, Toutiao
So what are the other new trends this year?
The recent downturn in China’s stock market has dealt a blow to the fortunes of China’s super rich. Candidates qualified for the list -- individuals with holdings worth more than 2 billion yuan (US$209 million) -- fell to fewer than 2,000 for the first time since 2015.
On the other hand, individuals from the blockchain industry are making the list for the first time. The list identifies blockchain as the fastest-growing industry, seeing 14 new faces from the blockchain industry on this year’s list.
How China is using artificial intelligence and blockchain
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For more insights into China tech, sign up for our tech newsletters, subscribe to our Inside China Tech podcast, and download the comprehensive 2019 China Internet Report. Also roam China Tech City, an award-winning interactive digital map at our sister site Abacus.