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23 August 2017
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Alibaba's owner now Asia's richest man

Alibaba Group Holding Ltd. Chairman Jack Ma overtook Dalian Wanda Group Co.’s Wang Jianlin as Asia’s richest man after the e-commerce giant’s financial affiliate raised a record amount in its latest round of fundraising, Bloomberg reports.

REUTERS
REUTERS

His latest deal added $4.3 billion to his fortune on Tuesday, expanding his wealth to $33.3 billion, according to the Bloomberg Billionaires Index.

That puts him ahead of Wang’s $32.7 billion and Hong Kong tycoon Li Ka-shing’s $29.5 billion.

China's central bank injects huge liquidity to marketMa’s lead among Asia’s billionaires could be short lived as Wang reorganizes his entertainment business and seeks to relocate his property unit’s listing in search of higher valuations in mainland China -- deals that could affect the property-to-entertainment mogul’s fortune.

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