Billionaire Problems: Economic Slowdown Downgrades China's Richest Men
Zhang Yushuo
DATE:  Mar 07 2019
/ SOURCE:  yicai
Billionaire Problems: Economic Slowdown Downgrades China's Richest Men Billionaire Problems: Economic Slowdown Downgrades China's Richest Men

(Yicai Global) March 6 -- The global economic downturn has made its way to Chinese billionaires, as two of the richest men in China have both gotten relegated down to lower ranks in Forbes' Billionaires list. 

Ma Huateng, the founder of internet giant Tencent Holdings, ranks 20th on the list with a net worth of USD38.8 billion, down three slots from last year, according to US magazine Forbes' annual ranking that was released yesterday. Ma Yun, better known as Jack Ma, the founder of e-commerce behemoth Alibaba Group Holding, took up the 21st place with a net worth of USD37.3 billion, dropping one spot from last year.

A global stock market rout has reduced the headcount on the list by 11 percent, which is the most since 2009 in the throes of the global financial crisis. 

Jeff Bezos, the founder of Amazon.Com, tops the list with a fortune of USD131 billion. This means that Bezos is over three times as rich as Pony Ma. Some 15 percent of the over 2,100 global billionaires that were included are from China. 

Bill Gates, the founder of Microsoft, is the world's second-richest person with USD96.5 billion. Warren Buffett, the investment legend behind Berkshire Hathaway, came third with USD82.5 billion.

Xu Jiayin, the founder of Chinese property developer Evergrande Group, made it to the 22nd spot. Wang Jianlin, the chief of real estate developer Wanda Group, ranks 36th. China's richest woman Yang Huiyan, the co-chair of property developer Country Garden, is 42nd. 

Huang Zheng, known as Colin Huang, the founder of China's Groupon-like Pinduoduo, is the most successful newcomer to the list with USD13.5 billion in wealth after the company went public last July. He has taken the 94th position.

Editor: Emmi Laine

Follow Yicai Global on
Keywords:   Forbes,Billionaire