Alibaba founder Jack Ma becomes China's richest man: Report

Founder of Alibaba Jack Ma has risen to the top of the China annual rich list prepared by the Hurun Report with an estimated wealth of 25 billion dollars. Until last year Ma was not even listed in the top 10 richest people of China. However, he rose to the peak just days after he floated Alibaba in the world's biggest Initial Public Offering (IPO).

Ma's wealth has been calculated primarily from his holding in Alibaba and Alipay, reported CNN. His company raised 25 billion dollars in its debut breaking the previous stock market listing record.