A new report shows that the rankings of Asia's richest people have changed. By coincidence, there is speculation about what has happened to colourful Chinese entrepreneur, Alibaba founder Jack Ma.

China’s private billionaire Zhong Shanshan has overtaken Indian business figure Mukesh Ambani as Asia’s richest man, according to a new ranking that also shows China’s Alibaba founder Jack Ma falling down the scale. Separately, media reports speculated on the whereabouts of Ma, founder of the Asian e-commerce giant, who hasn’t been seen in public for two months.

Zhong’s worth grew by €5.7 billion in 2020, taking his net worth to €63.8 billion ($78.6 billion), according to Benth Plus Consulting Research, as quoted by French publication RFI. Zhong, who is also rarely seen in public, is nearly €16.4 billion richer than Ma.

Other figures on the list are 1, Jeff Bezos ($189.6 billion); 2, Elon Musk ($155.7 billion); 3, Bernard Arnault ($151.7 billion); 4, Bill Gates ($120.3 billion); 5, Mark Zuckerberg ($100.3 billion); 6, Larry Ellison ($88.2 billion); 7, Warren Buffett ($87.7 billion); 8, Zhong Shanshan ($78.6 billion); 9, Larry Page ($77.2 billion), and 10, Mukesh Ambani ($76.4 billion). 

The rankings can shed some light - with usual health warnings about data - on the sectors of the global economy that have done well and not so well. Big tech firms have largely boomed during the lockdowns and restrictions that accompanied the COVID-19 pandemic; the virus also accelerated the use of digital communications and work channels.

Where is Ma?
Media reports speculated on what has happened to Ma, China’s best-known businessman and for years a symbol of the entrepreneurial wealth being generated in what is still a Communist Party-run nation. 

Ma also failed to appear as scheduled in the final episode of his own talent show, Africa’s Business Heroes. He was meant to be on the judging panel, but was replaced by an Alibaba executive in the November final, according to the Daily Telegraph. His picture was also taken off the website, reports said. The Financial Times quoted an Alibaba spokesperson as saying that Ma was unable to take part on the judging panel “due to a schedule conflict.”

Part of the speculation may be caused by Ant Group, which is an Alibaba affiliate, having been scrutinised by Chinese regulators; on 24 October Ma gave a speech in Shanghai criticising China’s regulation system for hurting innovation. He reportedly said that global banking rules resembled an “old people’s club.”

The planned 5 November IPO of Ant Group, pegged at $34 billion, was suddenly cancelled just days beforehand, shocking investors. Chinese regulators are reportedly alarmed at stresses on the country’s banking and credit system.