Jack Ma tops new list of 500 richest Chinese

Jack Ma, founder of Alibaba Group, topped a new list of the 500 richest Chinese with a wealth of over 300 billion yuan ($42.29 billion), Sina Finance reported on Tuesday.

The wealth of Jack Ma increased 80 billion yuan in the past year, which means he made 9.13 million yuan per hour, more than many top executives of listed companies.

Huang Zheng, chairman and CEO of Pinduoduo Inc, made the top 10 list for the first time by grabbing the eighth place.

Zhang Yong and wife Shu Ping of hotpot chain Haidilao rose to 10th place with a wealth of 117.2 billion yuan, up from the 20th spot last year.

Sun Piaoyang, chairman of Jiangsu Hengrui Medicine Co Ltd, and his wife Zhong Huijuan, chairwoman of Hansoh Pharmaceutical Group, made the top 10 list with the fastest wealth growth of 110 billion yuan.

The fortune of China's richest 500 people totaled 10 trillion yuan, indicating strong economic development potential in China.

Among the 500 richest Chinese, 96 come from the telecommunications, media and technology or TMT industry, 50 percent higher than the real estate industry.

As the 5G era is drawing near, more wealthy individuals are expected in the coming new round of industrial internet development in artificial intelligence, cloud computing, robots and blockchain.

The is the 18th list released by New Fortune magazine since 2003 and it is an annual list of China's core assets.