According to the latest version of the Hurun China Rich List 2018, Jack Ma has been renamed as China’s richest man with him and his family have a total net worth around US$ 39 billion. The founder of the e-commerce major Alibaba had earlier announced that he will retire as the executive chairman from the USD 420 billion e-commerce giant.

Ma, 54, overtook Chinese property mogul Xu Jiayin as the richest Chinese. According to the state-run China Daily,  Jack Ma’s family became the richest family in China with a net wealth of USD 39 billion, dethroning Evergrande Chairman Xu Jiayin, whose wealth fell by USD 5.76 billion to about USD 36 billion.

The 46-year-old Daniel Zhang has been named Alibaba’s Chief Executive Officer (CEO) after the departure of Jack Ma, as his successor. Zhang will take charge of the company in September next year. Ma will still remain Alibaba’s executive chairman during the year-long period to ensure a “smooth and successful” transition.

The Founder, Chairman and CEO of the Chinese internet giant Tencent Holdings, Ma Huateng, has been awarded the third position in this year’s list, with USD 34 billion wealth. The richest woman in China and vice-chairwoman of Country Garden, Yang Huiyan, acquired the fourth place with USD 21 billion in personal wealth.

According to the report, Lei Jun, the founder and CEO of Beijing-based Chinese electronics company Xiaomi is the newcomer in the list. Lei and chairman of Amer International Group Wang Wenyin and his family, both shared 10th place with the total wealth of USD 15 billion.

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