Monday September 10, 2018

Richest Man in China Planning Retirement

Jack Ma, founder of e-commerce giant Alibaba and richest man in China, says he's planning to retire soon. At 54 years old, Ma has an estimated net worth of $40 Billion USD, and currently serves as the executive chairman for his company. While The New York Times reported that Ma would retire on Monday, an Alibaba spokesman told The South China Morning Post that Ma is still in his position, and "will provide transition plans over a significant period of time."

Alibaba's growth and Ma's wealth track changes in modern China, in which a burgeoning urban middle class has more money to spend while authorities allowed large accumulations of wealth, especially when connected to forward-thinking enterprises.