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Alibaba Group Holding Ltd. Founder, Jack Ma, widened its wealth gap among China’s top billionaires in China.
Ma was second to Dalian Wanda Group Co.’s Wang Jianlin in April. Ma’s higher rankings helped Alibaba gain increase by 25 percent in 2016. Alibaba’s Founder now sits on $35.6 billion fortune.
Following Wang and Ma is Tencent Holdings Ltd. Chairman, Ma Huateng, which has a fortune of $22.6 billion, reported by Bloomberg Billionaires Index.
Early in October, Wang was able to defend its crown as China’s richest man, stated by Hurun rich list every year. The billionaire fended off Ma and new players in the block, which include Baoneng’s Yao Zhenhua.
Wang took the top spot with a personal fortune for $32.1 despite Ma’s Alibaba wealth increases by 41% since 2015.
Zhenhua is considered as the biggest riser since last year. His wealth is now $17.2 billion, which is a whopping 820 percent increase. At present, he holds the fourth spot. Yao became the major player in the battle on acquisition of China Vanke Co Ltd., which is the country’s largest real estate developer.
At present, there are 594 billionaires in China, which are more than 535 from United States. Nonetheless, no one in China’s super rich list is included in the worldwide top 20 richest people.
The annual list of the richest in China also serves a basis in monitoring China’s financial flow. Moreover, it depicts how finances grow in the country, which is a driving factor for global agreements.
Alibaba is expected to report financial results on Wednesday. Analysts are expecting the e-commerce giant to top the expectations due to two reasons.
First, Alibaba has a favorable Zacks Rank. The group has a rank number 1 or Strong Buy status, which means that it has higher probability of beating estimates in returns.
Second, its good Zacks Earnings ESP is also a meaningful indicator that Alibaba will have earnings beat.