Fortunes of China’s Internet tycoons soar amid pandemic

A survey shows Ma, founder of e-commerce giant Alibaba, held onto his status as China's richest entrepreneur as the coronavirus shutdown propelled demand for online shopping and other services. — Chinatopix via AP

BEIJING: Jack Ma, founder of e-commerce giant Alibaba, held onto his status as China’s richest tycoon this year as surging demand for online shopping and other services during the coronavirus pandemic swelled the fortunes of Internet entrepreneurs, according to a survey released Oct 20.

Ma’s fortune rose 45% percent over 2019 to US$58.8bil (RM243.81bil), according to Hurun Research Institute, which follows the country’s wealthy.