Jack Ma tops Forbes China Rich List again; tycoons' wealth rises despite trade war

Jack Ma
Image: Charles Platiau/Reuters

China-US trade tensions have escalated over the past year, and the GDP growth of the world’s second largest economy has slowed to a near three-decade low. Even so, some of China’s richest kept flourishing, owing to increased consumption and spending. More than half of the 400 members on the 2019 Forbes China Rich List saw their wealth climb, and a quarter saw their fortunes fall. Their total wealth rose by more than a fifth from a year ago, from US$1.06 trillion to $1.29 trillion.

The minimum net worth to make it to this year’s list was $1 billion, as in 2017, a number that had dropped in 2018 to $840 million. Sixty newcomers made the cut this year.

On top of the list for the second year running is Jack Ma, who recently resigned as chairman of ecommerce giant Alibaba, which he cofounded, to focus on philanthropy. Ma’s fortune rose to $38.2 billion from $34.6 billion a year earlier, as the New York-listed Alibaba gained on China’s ecommerce boom. Tencent CEO Huateng “Pony” Ma ranks No. 2 with a net worth of $36 billion, followed by Evergrande Group’s chairman Hui Ka Yan, who retains his third place with a net worth of $27.7 billion.

Russell Flannery, editor-in-chief of Forbes China, said: “China's economic growth may be easing but the country’s savvy entrepreneurs continue to find ways to create new businesses and fortunes. Access to capital markets also notably helped.” 

Growing fortunes in online shopping appear throughout the list, and IPOs were another fuel for rising wealth. China’s slumping car sales hurt Li Shufu, chairman of Geely Group and main owner of Volvo, who ranks at No. 12 with a net worth of $12.9 billion, down from $14.2 billion.

The top 10 richest in China are: