Jack Ma is Asia’s wealthiest billionaire.
Ma, the founder of China’s e-commerce juggernaut Alibaba, as well as a runner-up for TIME’s Person of the Year, is worth $28.6 billion, according to Bloomberg Billionaires Index. The 50-year-old is worth about $300 million more than Hong Kong real-estate-and-ports tycoon Li Ka-shing, who had been Asia’s richest person since April 5, 2012.
About half of Ma’s fortune comes from his 6.3% stake of Alibaba. The Hangzhou-based company is larger than Amazon.com and worth about $259 billion.