When technology entrepreneur Jack Ma cofounded Alibaba, a popular online marketplace in China, 20 years ago, he probably didn’t know it would grow to become one of the world’s biggest internet firms. As of 2019, the company is worth a whopping $480bn, according to Forbes.
Expectedly, when a company is worth that much, the cofounders will also benefit from it in terms of net worth, which was why it wasn’t totally surprising that Ma, who was the executive chairman of Alibaba for 20 years, was announced last Thursday to be worth $39bn.
According to the 2019 Hurun Report’s rich list, Ma, by his wealth, also emerged as the richest man in China.
For the second year in a row, the list identified that the wealth of China’s rich was gradually shifting away from manufacturing and construction tycoons to technology entrepreneurs.
“There has been a changing of the guard among…