28 Oct 2014

Jack Ma named China's richest man

8:57 pm on 28 October 2014

Jack Ma, who founded Chinese e-commerce giant Alibaba, has become China's richest person.

China's richest person, Jack Ma.

China's richest person, Jack Ma. Photo: AFP

In its latest China rich list, American business magazine Forbes said Mr Ma, a former English teacher, had an estimated fortune of $NZ25 billion.

Alibaba was founded 15 years ago with $75,000 pooled from Ma's friends and is now valued at more than $300 billion after listing in the United States.

Forbes said the number of Chinese billionaires had risen to 242 this year from 168 last year.