IT Wealth

ChinAfrica - - Business Numbers -

The boom­ing In­ter­net econ­omy is play­ing an in­creas­ingly im­por­tant role in sup­port­ing wealth growth in China’s IT in­dus­try, ac­cord­ing to the an­nual Hu­run IT Rich List re­leased on Oc­to­ber 18. Ac­cord­ing to the list, the av­er­age wealth of the top 50 Chi­nese IT ty­coons hit a record high, surg­ing 13 per­cent year on year to 26.9 bil­lion yuan ($4 bil­lion). Jack Ma, founder and Ex­ec­u­tive Chair­man of e-com­merce gi­ant Alibaba Group Hold­ing Ltd., topped the rank­ing of China’s rich­est IT peo­ple for the third con­sec­u­tive year, de­fend­ing his po­si­tion against ri­vals in­clud­ing Ten­cent Hold­ings Ltd. founder Pony Ma. Jack Ma and his fam­ily’s to­tal wealth in IT in­dus­try was 195 bil­lion yuan ($29 bil­lion), fol­lowed by Pony Ma, whose wealth in­creased by 30 per­cent year on year to 134 bil­lion yuan ($19.8 bil­lion), ac­cord­ing to the Shang­hai-based Hu­run Re­search In­sti­tute. Hu­run Chair­man Ru­pert Hoogew­erf said that con­sid­er­ing IT en­trepreneurs’ con­tri­bu­tion to China’s so­ci­ety and econ­omy, they should be called “su­per wealth cre­ators” in­stead of sim­ply “rich peo­ple.”

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