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By Ding Yi / Oct 20, 2020 06:00 PM / Society & Culture

Photo: VCG

Photo: VCG

Jack Ma, a founder of e-commerce giant Alibaba, has topped the Hurun China Rich List for the third year in a row.

Ma, who retired as Alibaba’s chairman in September last year, saw his fortune rise by 45% to $58.8 billion in 2020 on the back of the impending blockbuster IPO of Alibaba’s fintech affiliate Ant Group and the healthy growth of its online shopping platforms, according to the list released by Shanghai-based publishing group Hurun Report on Tuesday. The wealth calculations were as of Aug. 28.

“This year has seen the biggest wealth increase in the 22 years of the Hurun China Rich List. Stock markets’ boom and a flurry of new listings have minted five new billionaires in China a week for the past year,” Rupert Hoogewerf, Hurun Report’s chairman and chief researcher, said in a statement.

China’s second richest man is Pony Ma of social media and gaming giant Tencent. The entrepreneur’s net worth grew to $57.4 billion this year, as gaming emerges as one of his company’s major revenue streams.

In the third spot on this year’s list was Zhong Shanshan of YST, which is known for its bottled water brand Nongfu Spring. Zhong is worth $53.7 billion.

There were 743 newcomers this year, five of whom jumped straight into the top 100, led by YST’s Zhong. The list measured the wealth of 2,398 billionaires.

Contact reporter Ding Yi (

Related: Pinduoduo and ByteDance Chiefs Were Two of the Three Richest Billionaires under 40 in 2019

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