Chinese tech tycoons have topped the latest edition of the Hurun List of China’s richest individuals.
Alibaba founder Jack Ma topped the 2019 Hurun List released on 10 October, with estimated assets of 275 billion yuan (approx. USD$39 billion).
2019 marks the third year that Jack Ma has taken the title of China’s wealthiest individual.
Pony Ma, chairman of internet giant Tencent, rose from third to second place following an 8% rise in his assets to 260 billion yuan ($37 billion).
Property developer Xu Jiayin (许家印) fell to third place following a 40 billion yuan contraction in his assets to 210 billion yuan.
Tech tycoons accounted for four of the top 10 spots on the Hurun List, while real estate tycoons took out three spots.
Huang Zheng, founder and CEO of e-commerce giant Pinduoduo, took 7th place with assets of $19 billion, becoming the first self-made tycoon under the age of 40 to ascend the ranks of the top 10.
According to the Hurun Report the average fortune of China’s 1,800 wealthiest individuals is $1.4 billion, with this concentration of wealth increasingly driven by the growth of the country’s digital economy.
40% of individuals on the list nonetheless made their fortunes in either the manufacturing and real estate sectors.
22 individuals with concerns on the recently launched STAR Market made the 2019 Hurun List, while the number of people under the age of 40 was 156, for an increase of 24 compared to last year.
Hurun’s current rankings are based on calculations of personal assets as of August 15 2019.