Alibaba founder loses the title of “richest” after coming under scrutiny from the Chinese government

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A list published on Tuesday showed that Alibaba founder and Ant Group Jack Ma lost the title of the richest man in China, as other wealthy people thrived as his empire came under scrutiny.

Ma and his family took the top spot on Hurun Global Rich’s list of China’s richest people in 2020 and 2019, but the latest list showed that he is now slipping to fourth place behind Nongfu Spring Bottled Water’s Zhong Shanshan and Bonnie Ma’s owner Tencent Holdings and Colin Huang, owner of the newly formed e-commerce company Pinddu. .
Jack Ma disappeared from public view for about three months, prompting much speculation about his whereabouts. He reappeared in January in a 50-second video clip.
Chung, China’s richest man, now rose to the top for the first time with a fortune of 550 billion yen ($ 85 billion), largely due to the share price performance of Nongfu Spring, vaccine maker Beijing, Wentai Biological Pharmaceutical Enterprises, which he also controls.




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