Alibaba CEO Jack Ma during an interview in New York City on March 12, 2009
Chip East—Reuters
By Elizabeth Barber
December 12, 2014

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.

[Bloomberg]

Write to Elizabeth Barber at elizabeth.barber@timeasia.com.

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