A social media tycoon is now China's richest man

China's new richest man has chat apps and video games to thank for his massive wealth.Tencent CEO Ma Huateng i...

Posted: Mar 1, 2018 12:46 PM
Updated: Mar 1, 2018 12:46 PM

China's new richest man has chat apps and video games to thank for his massive wealth.

Tencent CEO Ma Huateng is the country's highest-ranked person on the Global Rich List published Wednesday by Shanghai-based wealth research firm Hurun Report.

His estimated fortune more than doubled to $47 billion over the past year.

His wealth has been supercharged by his stake of nearly 9% in Tencent, the Chinese social networking and internet company that he co-founded in 1998. Shares in the company, which is behind the hugely popular WeChat app, have soared more than 100% in the last year.

At $540 billion, Tencent's market value is now bigger than that of Facebook -- the US company to which it's frequently compared.

But Ma is a long way behind Facebook CEO Mark Zuckerberg, whose wealth is pegged at $79 billion by Hurun, which is best known for its research on China's super rich. Zuckerberg is the world's fourth richest person after Jeff Bezos, Bill Gates and Warren Buffett.

Related: Mark Zuckerberg is no longer king of social. Meet 'Pony' Ma

Ma -- who is famously press shy and rarely grants interviews -- sits farther down the list at No. 15. The Chinese tech tycoon is nicknamed "Pony" because of his surname, which translates to "horse" in English.

He worked in the pager business after graduating from southern China's Shenzhen University in 1993 with a degree in computer science.

Ma has dethroned real estate tycoon Hui Ka Yan as China's richest person. Hurun estimates that Hui, who only took the top spot himself in October, has an fortune of $41 billion. Shares in property developer Evergrande -- of which Hui is the chairman and biggest shareholder -- have skyrocketed more than 300% over the past 12 months.

And China's ranks of billionaires are swelling at an incredible rate. The country minted more than 200 over the past year -- about four a week -- according to the Hurun list.

China is now home to more than 800 billionaires -- or almost 50% more than the US, according to Hurun.

Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said tech industries were contributing significantly to China's wealth boom.

"You've got a lot of young people starting very dynamic businesses -- and that's where the energy is coming from," he told CNN.

Alibaba founder Jack Ma is the country's fourth richest man, Hurun said. The e-commerce tycoon's wealth has ticked up 10% in the past year to $32 billion.

Related: China's big conglomerates are no longer buying up the world

Real estate billionaire Wang Jianlin, who was China's wealthiest man as recently as two years ago, fell to eighth place. The Dalian Wanda Group chairman's fortune has slipped 10% to $27 billion as Wang has had to unwind a global buying spree.

Hurun's figures covered the year through January 31, meaning they don't capture the gut-wrenching volatility that rocked global stock markets during February.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 26273

Reported Deaths: 1126
CountyConfirmedDeaths
Hennepin8867641
Ramsey3252140
Stearns205014
Nobles15625
Anoka148878
Dakota141464
Washington68034
Olmsted67211
Kandiyohi5111
Rice4833
Scott4602
Clay44129
Mower4062
Wright3392
Todd3361
Sherburne2482
Carver2322
Benton1823
Steele1670
Blue Earth1480
Freeborn1420
Martin1325
St. Louis11814
Pine930
Nicollet8811
Lyon811
Winona8015
Cottonwood790
Watonwan780
Crow Wing774
Unassigned7511
Carlton750
Otter Tail730
Goodhue715
Chisago641
Polk612
Itasca5610
Dodge530
Chippewa521
Morrison480
Le Sueur461
Meeker460
Douglas450
Becker430
Jackson420
Murray400
McLeod390
Isanti360
Waseca270
Pennington230
Rock230
Mille Lacs231
Faribault200
Swift190
Beltrami180
Wabasha180
Fillmore171
Sibley160
Brown162
Norman150
Pipestone120
Marshall120
Kanabec121
Wilkin113
Cass112
Aitkin110
Wadena100
Pope100
Koochiching90
Big Stone80
Redwood70
Renville70
Mahnomen61
Lincoln60
Yellow Medicine60
Grant40
Traverse40
Red Lake40
Lac qui Parle30
Clearwater30
Roseau30
Hubbard30
Houston20
Kittson10
Lake10
Stevens10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 20767

Reported Deaths: 583
CountyConfirmedDeaths
Polk4541137
Woodbury283737
Black Hawk177548
Buena Vista9971
Linn97179
Dallas94025
Marshall91218
Wapello62814
Johnson6189
Muscatine56541
Crawford5472
Tama41029
Scott38010
Dubuque35521
Louisa34911
Pottawattamie31110
Sioux2980
Jasper26917
Wright2120
Washington1958
Warren1661
Plymouth1462
Story1261
Allamakee1204
Mahaska9912
Poweshiek928
Henry722
Bremer706
Boone700
Des Moines671
Clarke660
Clinton651
Taylor640
Webster621
Hamilton610
Guthrie543
Cedar491
Benton431
Monroe415
Shelby370
Cherokee370
Jones370
Jefferson350
Marion350
Osceola340
Clayton343
Cerro Gordo331
Iowa330
Dickinson330
Buchanan330
Madison292
Lee290
Fayette280
Sac280
Davis280
Harrison260
Monona250
Clay250
Lyon240
Winneshiek240
Emmet240
Lucas222
Hardin210
Grundy200
Mills200
Delaware191
Humboldt191
Floyd191
Franklin170
Appanoose173
Hancock160
Butler161
Ida150
Greene150
Pocahontas150
Page140
Kossuth140
Keokuk140
Audubon131
Jackson130
Carroll130
Chickasaw130
Howard120
Cass120
Winnebago110
Montgomery91
Adair90
Union90
Van Buren90
Adams70
Palo Alto70
Calhoun60
Ringgold40
Mitchell40
Fremont40
Worth30
Wayne10
Decatur10
Unassigned00
Rochester
Scattered Clouds
71° wxIcon
Hi: 81° Lo: 57°
Feels Like: 71°
Mason City
Few Clouds
75° wxIcon
Hi: 86° Lo: 59°
Feels Like: 75°
Albert Lea
Scattered Clouds
70° wxIcon
Hi: 83° Lo: 59°
Feels Like: 70°
Austin
Broken Clouds
73° wxIcon
Hi: 85° Lo: 60°
Feels Like: 73°
Charles City
Clear
73° wxIcon
Hi: 85° Lo: 59°
Feels Like: 73°
Another round of severe weather tonight
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Pandemic food benefits available to families

Image

Sean Weather 6/5

Image

Covid-19 Cases on the Rise

Image

Becoming a better ally

Image

Giving your best

Image

Coronavirus attacking your blood vessels?

Image

Young Protester's impact on police reform

Image

How important are school resource officers?

Image

Graffiti on Rochester trail

Image

Expedited breast cancer treatment

Community Events