Jack Ma still China’s richest man

MANILA, Philippines — Jack Ma, founder of internet giant Alibaba and whose Ant Financial Services Group has investments in the Philippines, is again China’s richest man.

Ma, with a net worth of $34.6 billion, returned to the top spot of Forbes’ richest 400 in China after losing the position in 2014.

Still, the list showed that tumbling stocks and a falling renminbi have diminished the wealth of more than three quarters of the top 400 people on the list.

Of those who remained, 229 are poorer than a year ago and nearly one-third saw a decline of 20 percent or more in their net worth, Forbes said.

Ma swapped places with China Evergrande’s Hui Ka Yan, who dropped to No. 3 with a net worth of $30.8 billion, down 28 percent.

Meanwhile, Tencent’s Ma Huateng, more commonly known as Pony Ma, held on to the No. 2 spot with a net worth of $32.8 billion amid a $6.2-billion drop.

Pony Ma’s Tencent Holdings also has investments in the Philippines through PLDT Inc.’s Voyager Innovations Inc.

Russell Flannery, editor-in-chief of Forbes China said the list is a reflection of China’s changing economy.

“The world has come to associate China with wealth creation, and it is startling to see the extent of wealth destruction this year,” Flannery said.

“China’s economy is more globalized than ever, and changes in the international landscape and business expectations had a big impact on the list,” he added.

Other top 10 richest people in China are Wang Jianlin (real estate, $22.7 billion) in fourth spot; He Xiangjian (home appliances; $19.5 billion) in fifth spot.

Yang Huiyan (real estate; $17.1 billion) follows in sixth spot while Wang Wei (package delivery; $14.9 billion) is in seventh.

Robin Li (internet search; $14.6 billion) is in eighth spot while Li Shufu (automobiles; $14.2 billion) makes it to ninth place. Completing the top 10 is William Ding (online games; $13.5 billion).

According to Forbes, the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and China’s regulatory agencies. The ranking lists both individual and family fortunes, including those shared among company founders and their immediate relatives.