Forbes released a list of China’s wealthiest billionaires on April 5. Alibaba founder Jack Ma dropped down the list, standing at ninth with a fortune of 22.8 billion dollars.
The top ten Chinese are worth 321.6 billion dollars, down from 447 billion dollars in 2021.
The wealth of top billionaires in China downed over the last year as the Chinese regime tightened its grip on tech sectors.
Zhong Shanshan, the founder of Nongfu Spring, bottled water and tea company, is at the top of the China list. His wealth is worth 65.7 billion dollars, down 3.2 billion dollars from last year, making him the 17th richest man in the world.
Zhang Yiming, the founder of ByteDance, took second place with a net worth of 50 billion dollars, followed by Ma Huateng, the CEO of Tencent with 37.2 billion dollars.
Jack Ma used to be China’s wealthiest person, with his fortune soaring 72% to 65.6 billion dollars in 2020.
The tech billionaire has faced plenty of pressure from the Chinese authorities for the past two years.
Due to regulatory reasons, Ma’s fintech giant Ant Group halted its much-anticipated listing in Hong Kong and Shanghai in November 2020. This public offering was set to raise 37 billion dollars, breaking all records in global fundraising.
Alibaba is also the subject of Beijing’s strict scrutiny.
Much of Ma’s fortune is linked to Alibaba. He used to possess an 11.7% stake with the dominant controlling interest in the corporation and its subsidiaries. In July 2020, he sold 8.2 billion shares, leaving him with a 4.8% ownership in the company.
It suffered a record 18-billion-yuan (2.75-billion-dollar) fine for anti-monopoly violations in April 2021.
Jack Ma then suddenly disappeared for several months before his first public appearance in November 2021. He is now no longer on top of the China rich list.