Jack Ma, CEO of Alibaba Group Holding Ltd, is now officially China's richest man. The tycoon has soared to the top of the China annual rich list, compiled by the Hurun Report, with an estimated fortune of $25 billion. The former English teacher's wealth is derived primarily from his holdings in Alibaba. The Chinese e-commerce giant surpasses such hi-tech rivals as Amazon.com and Google. Interestingly, Jack Ma listed Alibaba in the world's biggest IPO in New York a few days ago. Alibaba's stocks rocketed 38.07% trading at $93.89 per share at the first session. The online retailer raised $25 billion in its debut, smashing the previous record for a stock market listing. Alibaba’s capitalization totaled $231 billion at the end of the session. Jack Ma owns 8.9% of the company‘s stock. Ma beat out Wang Jianlin, the owner of one of China's largest real estate developers who previously topped the list of China’s richest people. Evidently, Jack Ma will be included in the global top-30 rating.
