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China’s richest man in the IT industry: Jack Ma retains the crown

The Hurun Research Institute published on Wednesday the 2016 Hurun IT Rich List, an offshoot list of the Hurun Rich List that considers only entrepreneurs’ whose fortune was made in the IT industry.

Alibaba’s Jack Ma has retained the crown of China’s richest man in the IT industry, with assets of RMB 195 billion (USD 29 billion) according to data from mid-August this year. The second place goes to Tencent’s Pony Ma, who has assets of RMB 134 billion.

Baidu’s Robin Li, with RMB 90 billion, on the other hand, has dropped out of the list’s top three, being replaced by Ding Lei of NetEase with RMB 96 billion. Ding is mentioned in the list as an “online games tycoon”.

Lei Jun of Xiaomi, with RMB 63 billion, ranks fifth; Liu Qiangdong of JD.com with RMB 42 billion ranks seventh; and Jia Yueting of LeEco with RMB 35.5 billion ranks eighth.

According to Hurun, the average fortune of the top 50 on the list is 13% greater than last year’s, reaching RMB 26.9 billion–this is 14 times the average Hurun-listed fortune a decade ago. In addition, the top ten on the IT Rich List has an average age of 45, with Jack Ma (52) being the oldest.

The Hurun Research Institute also published a list of listed companies with the highest valuations. Alibaba’s RMB 1.79 trillion ranks first, followed by Tencent’s RMB 1.54 trillion.

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