Alibaba's Jack Ma no longer richest in China after tiff with regulators over anti-trust issues
Jack Ma was ranked the richest Chinese on the list last year with his family’s wealth of $45 billion with Pony Ma ranked second with a personal wealth of $44 billion
Alibaba founder Jack Ma has been toppled from the title of China's richest man amid scrutiny by Chinese regulators.
According to Shanghai-based Hurun Global Rich List, the Ant Group founder has tumbled to fourth place behind Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and Pinduoduo's Collin Huang.
Shanshan entered the list for the first time with an $85 billion fortune. Zhong had reportedly made his money on the $1.1 billion initial public offering (IPO) in Hong Kong last year.
The Hurun report said Ma's ranking fell after "China's regulators reined in Ant Group and Alibaba on anti-trust issues".
Jack Ma was ranked the richest Chinese on the list last year with his family’s wealth of $45 billion with Pony Ma ranked second with a personal wealth of $44 billion.
More than 200 billionaires were created in China last year, according to the Hurun Global Rich List with the Communist country adding 490 new billionaires in the past five years compared with the 160 added in the US.
The report said Tesla's Elon Musk, Amazon's Jeff Bezos and China's e-commerce giant Colin Huang added over $50 billion in a single year.
The report claimed six of the world's top-10 cities with the highest concentration of billionaires are now in China with Beijing being the top city for the sixth consecutive year.