Forbes: Total wealth of richest Chinese hit US$ 1.29 trillion
Updated 12:28, 07-Nov-2019

The total wealth of the 400 members of the China Rich List reached 1.29 trillion U.S. dollars, rising by more than a fifth from a year ago, as China's consumers spent more, especially on online shopping, according to Forbes' China Rich List released Wednesday.

E-commerce giant Alibaba's co-founder Jack Ma topped the list for a second year with a fortune worth 38.2 billion U.S. dollars. Alibaba reported year-on-year revenue growth of 40 percent (16.9 billion U.S. dollars) for the quarter ended Sept. 30.

Tencent CEO Pony Ma and Evergrande Group Chairman Hui Ka Yan ranked second and third with 36 billion U.S. dollars and 27.7 billion U.S. dollars respectively.

More than half of those listed saw their wealth grow in the past year, while about a quarter saw their wealth fall.

The threshold for the list this year is one billion U.S. dollars, same as in 2017. There were 60 new entrants on the list. Also, some of those missing on the 2018 list made the rankings this year.

Ali Center in Shenzhen, south China's Guangdong Province. /VCG Photo

Ali Center in Shenzhen, south China's Guangdong Province. /VCG Photo

Another billionaire cashing in on the growing Chinese e-commerce market is Colin Huang, CEO of Pinduoduo, who saw his estimated net worth soar to 21.2 billion U.S. dollars, up from 11.25 billion U.S. dollars last year. Huang was seventh on the list, moving up five spots from last year.

Pinduoduo launched its initial public offering on Nasdaq in July last year, and the company plans to sell more shares this year. Pinduoduo saw revenue growth for Q2 this year of 169 percent year-on-year, reaching 1.06 billion U.S. dollars, according to the company's quarterly report.

Qin Yinglin, chairman of Muyuan Foodstuff, soared to No.9 on the list from No. 69 last year. His company is China's largest pig breeder, with the world's biggest market for pork seeing rapid price hikes this year.