(Yicai Global) Oct. 10 -- Jack Ma, the e-commerce tycoon who retired as executive chairman of Alibaba Group Holding last month, ranked top of this year's Hurun China Rich List with a total wealth of CNY275 billion (USD38.6 billion) to win the crown for the third time.
Tencent Holdings Chairman Pony Ma came in second, increasing his wealth by CNY20 billion to CNY260 billion and overtaking Evergrande Group Chairman Xu Jiayin -- known as Hui Ka Yan in Cantonese -- and his CNY210 billion in the process, according to the Hurun Report published today.
This year's Hurun China Rich List was the 21st with an entry threshold of CNY2 billion (USD290 million) in assets, with 1,819 entrepreneurs making the cut -- 74 fewer than in 2018. This was the first time the number of businesspeople making the cut fell for two straight years, after a drop of 237 between 2017 and last year.
Of those making this year's list, 1,136 saw their wealth reduce or stay roughly on par with last year, while 266 failed to make the ranking after appearing last year.
Most of those missing out this year are from the traditional manufacturing and real estate sectors, said Rupert Hoogewerf, who created the report and named it after his Chinese name, Hu Run. Some were also affected by the freezing of shares in listed companies they hold stakes in, he added.
There were 192 new entrants this year, with 400 of those on the list joining either this year or last as emerging industries rise in power, Hoogewerf said. More than 50 set up unicorn companies and more than 20 are involved in companies listed on the Shanghai Stock Exchange's new Star Market for innovative science and technology firms.
Editor: James Boynton