Alibaba's Jack Ma Overtakes Wanda's Wang as Asia's Richest Manby
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.