Alibaba Founder Jack Ma Is The Richest Man In China Once Again

There are 11% fewer people on the list of China’s richest this year. The wealth threshold this year was $290 million. There were 1,893 people on the list, which is 456 less than last year. That’s the biggest decline since the list started two decades ago and seems to reflect the slowdown in China’s economy. Overall, the Chinese stock exchange is down 20% due to the slowing economy and the trade war between the US and China. More than a quarter of people on the list are in the manufacturing industry. Real estate was second with 14.9% of the names on the list. Investments and IT followed that. In September, Jack Ma announced that he was stepping down from his role at Alibaba. He intends to dedicate his time and fortune on philanthropy and teaching.