Alibaba's Jack Ma overtakes Wanda's Wang as Asia's richest man

[HONG KONG] Alibaba Group Holding Chairman Jack Ma overtook Dalian Wanda Group Co's Wang Jianlin as Asia's richest man after the e-commerce giant's financial affiliate raised a record amount in its latest round of fundraising.

Mr Ma added US$4.3 billion to his fortune on Tuesday after his Ant Financial's latest deal, expanding his wealth to US$33.3 billion, according to the Bloomberg Billionaires Index. That puts him ahead of Mr Wang's US$32.7 billion and Hong Kong tycoon Li Ka-shing's US$29.5 billion.

Mr Ma's lead among Asia's billionaires could be short lived as Mr Wang reorganises his entertainment business and seeks to relocate his property unit's listing in search of higher valuations in mainland China - deals that could affect the property-to-entertainment mogul's fortune.

Alibaba's billionaire chairman owns 6.3 per cent of Alibaba and 37.9 per cent of Ant Financial, whose full name is Zhejiang Ant Small & Micro Financial Services Group, after the fundraising.

Mr Ma is also said to be planning to take Ant Financial public in what could be China's largest IPO since 2010.

BLOOMBERG