Mubasher: Although his net worth jumped to $38.6 billion, Alibaba’s Jack Ma, the founder of China’s largest e-commerce company, fell to the third place on China’s rich list.

Hui Ka Yan, the real estate magnate, topped of the list with $42.5 billion, while Ma Huateng, the interne media magnate, ranked second taking Ma’s place with $39 billion, according to the Forbes list. 

Yan ranked first, on the back of the extraordinary rise in his company stock prices.

Although Yan’s wealth reached $42.5 billion, it is still less than half of Microsoft founder Bill Gates’, the world’s richest man. Yan is also not among the world’s 10 richest people list.

Also suffering a drop among China’s richest five was Wang Jianlin, the chairman of the Chinese conglomerate Dalian Wanda Group, who fell from the top spot last year to fourth in 2017. Jianlin’s fortune retreated by around $8 billion to $25.2 billion.