Jack Ma tops China’s rich list

Jack Ma Yun, the 49-year-old founder of Alibaba Group Holding Ltd, has become China's richest man with a net worth of $21.8 billion, Bloomberg reported on Thursday citing its Billionaires Index.

Ma's assets include a 7.3 percent equity in China's largest e-commerce business, which is preparing for what could be the largest IPO in US history.

Ma is $5.5 billion wealthier than Ma Huateng, founder of Tencent Holdings Ltd, China's largest Internet company by market value.

Robin Li Yanhong, founder of Internet search engine Baidu Inc, ranks the third on the list of the richest people in the country.