How Alibaba cofounder Jack Ma makes and spends his billions - Business Insider

His stake in Alibaba, and his many other ventures, have made him the richest man in China, worth $38 billion. Jack Ma is China's richest man, with an estimated worth of $38 billion. The 55-year-old is the cofounder of the e-commerce giant Alibaba. It's China's biggest digital marketplace, responsible for an estimated 80% of all online sales in China. After 20 years at Alibaba, Ma announced in September 2019 he'll be stepping down as executive chairman. But don't worry.

Then, in 2014, Alibaba went public in what was the largest IPO in US history. And the sale made Ma the richest man in China. Alibaba rakes in money through the retail site Taobao; the payment-processing service Alipay, of which Ma holds a nearly 50% share; and the popular Chinese social-media site Weibo.

But beyond Alibaba, Ma's income stream is impressively diverse. In 2010, Ma and four associates founded the venture-capital firm Yunfeng to handle much of Ma's personal investing. Ma also has stakes in Yahoo China. With billions in his pocket, you would think he's a big spender, right? Well, not exactly. He drives a humble Roewe RX5 SUV that cost just $15,000. And he doesn't spend much on hobbies, either.

An example to many

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