FORTUNES OF CHINA'S INTERNET TYCOONS SOAR AMID PANDEMIC
AppleMagazine|October 23, 2020
FORTUNES OF CHINA'S INTERNET TYCOONS SOAR AMID PANDEMIC
Jack Ma, founder of e-commerce giant Alibaba, held onto his status as China’s richest tycoon this year as surging demand for online shopping and other services during the coronavirus pandemic swelled the fortunes of internet entrepreneurs, according to a survey released this week.

Ma’s fortune rose 45% percent over 2019 to $58.8 billion, according to Hurun Research Institute, which follows the country’s wealthy.

Ma Huateng, founder of Tencent, which operates the popular WeChat messaging service, was No. 2 at $57.4 billion, up 50%. Debuting at No. 3 was Zhong Shanshan, chairman of bottled water brand Nongfu Spring, with $53.7 billion following his company’s Hong Kong stock market debut in September.

Rising share prices created an average of five new Chinese entrepreneurs worth at least $1 billion every week over the past year, according to Hurun’s founder, Rupert Hoogewerf.

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October 23, 2020