Jack Ma tops China rich list for 2018

Jack Ma tops China rich list for 2018
PHOTO: Reuters

Alibaba Chairman Jack Ma and his family have been ranked No 1 on the Hurun China Rich List 2018, according to the latest version of the list.

With 270 billion yuan (S$53.8 billion) in wealth, Jack Ma's family became the richest in China, dethroning Evergrande Chairman Xu Jiayin, whose wealth fell 40 billion yuan to 250 billion yuan.

Tencent Chairman and CEO Ma Huateng, with 240 billion yuan in wealth, took the third spot on the list. The richest woman in China, Yang Huiyan, vice-chairwoman of Country Garden, grabbed fourth place with 150 billion yuan in personal wealth.

A great disparity of wealth remains between the top three, whose total wealth reached 760 billion yuan, and the others on the top 10 list, who have a total wealth of 995 billion yuan but, respectively, less than 160 billion yuan in wealth each.

Newcomer Lei Jun, founder and CEO of Xiaomi, and returning Wang Wenyin, chairman of Amer International Group, and his family both shared 10th place with the same wealth of 110 billion yuan.

E-commerce, fintech and internet service industries show strong momentum to generate wealth in China as two of the top three work in these industries.

The real estate industry provides wealth for three of the top 10, including Xu Jiayin, Yang Huiyan and Dalian Wanda Group Chairman Wang Jianlin and family.

The ages of China's richest range from 32 to 76 with Yan Hao, chairman of the board of Pacific Construction Group, as the youngest and He Xiangjian, founder of Midea Group, as the oldest.

20 richest people in the world, according to Forbes 2018 billionaires list

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