Alibaba's Jack Ma Overtakes Wanda's Wang as Asia's Richest Man

Inside the House That Jack Ma Built
  • Ant Financial's latest financing round bolstered Ma's wealth
  • Wanda's Wang has upcoming deals that could affect his ranking

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.

Ma added $4.3 billion to his fortune on Tuesday after his Ant Financial’s latest deal, 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.

Ma’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.

Alibaba’s billionaire chairman owns 6.3 percent of Alibaba and 37.9 percent of Ant Financial, whose full name is Zhejiang Ant Small & Micro Financial Services Group Co., after the fundraising. Ma is also said to be planning to take Ant Financial public in what could be China’s largest IPO since 2010.

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