Chinese billionaire Jack Ma is one of the most eccentric entrepreneurs and motivational speakers in the world who has a whopping net worth of $39.2 billion as of October 2022. He is globally recognized as the founder, ex-CEO and Executive Chairman of the Alibaba group. He was able to amass the incredible net worth from his extremely successful career as a businessman.
The bulk of the net worth of the Chinese multi-billionaire is thanks to his company Alibaba and its different ventures. He is also counted among the richest people on earth. Before his venture into the business world, he worked as an English teacher. He then slowly worked his way towards his goals and established Alibaba on April 4, 1999. This company would eventually turn him into the richest man in China.
Ma is one of the most inspirational people to look up to as he has gathered a jaw-dropping net worth of $39.2 billion as of October 2022 but started out small and was rejected from 30 jobs. His net worth has increased $700 million since last year due to the increase in the market value of Alibaba. Similarly, in 2008 he was worth $1 billion. He surpassed Wang Jianlin to become the richest man in China.
A photo of China's richest man Jack Ma whose net worth is $39.2 billion
The founder of Alibaba heard about the internet in 1994 and went to the US with his friends in 1995 who introduced him to the internet. Then he made a website related to China because he couldn’t find any information related to the country on the internet. The website was launched on 9:40 AM and by 12:30 PM multiple investors had already emailed him wishing to know about him.
He along with his wife and a friend raised around $20,000 to start their first company. The company made websites and was called China Pages and within 3 years made around $800,000 or 5,000,000 Chinese Yuan.
After this, he worked as the head of an IT company established by the China International Electronic Commerce Center, which is a department of the Ministry of Foreign Trade and Economic Cooperation. In 1999 he quit his job at the IT company to start Alibaba. The company was started with an initial investment of 500,000 yuan or $74.5 thousand.
Alibaba won foreign venture capital investment totaling $25 million in October 1999 and January 2000. The company excelled in the e-commerce market and established some subsidiaries like Taobao Marketplace, Alipay, Ali Mama, and Lynx. Due to its excellent growth in the market, eBay wanted to purchase Taobao but Ma rejected their offer and gathered $1 billion in investment from Yahoo co-founder Jerry Yang.
Alibaba was raising over $25 billion in an initial public offering at the New York Stock Exchange. It also set the record for the largest initial public offering in US history.
One fateful day on 4 April 1999, 20 years ago Jack Ma founded Alibaba. The multinational conglomerate provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services via the internet.
The company was started with a capital of $74.5 thousand and in September 2014, Alibaba's market value was around $231 billion. The company went on to try its hand in a different field after it raised $25 billion from the initial public offering at the NYSE.
In 2017 the company had reported earnings of over $23 billion and had a $6.3 billion profit. The same year the company raked in $25 billion. Similarly, in January 2018, its value crossed the $500 billion mark and became the second Asian company to do so after Tencent.
On March 31, 2018, the company released a report of its revenues, the total revenue was $9,873 million which was an astonishing 61% growth year over year. From its core commerce, it generated $8,176 million and from other sources, it generated $1697 million.
Interesting Fact: Alibaba is often compared with Jeff Bezos' Amazon.
Ma is an eccentric personality and he can be frequently seen inspiring his employees through his speeches.
He is also a singer and an actor, he made his acting debut in 2017 with a kung fu short film. The same year he participated in different singing festivals. He also danced during Alibaba’s 18th-anniversary party.
He teaches a Tai Chi course, he takes 6 classes in 3 days once a year and the course cost $14,500.
Ma is worth almost $40 billion and due to this, he is free to live a luxurious life. He spends big on assets such as houses. His bungalow in Hong Kong, China is valued at $193 million. Similarly, he owns property in New York’s Adirondacks which is worth around $23 million.
Lavish house of Jack Ma
To add to this he also owns a penthouse in Hong Kong bought for $38 million. Likewise, the also owns a beautiful piece of land in Bordeaux, France spread over 85 hectares including an 18th-century castle.
There were also rumors that he owned the most expensive mansion in the world which is valued at around $1.5 billion but they were not confirmed.
He also owns lavish cars including a BMW 760Li costing around $290,000. He also owns a Mercedes Benz Maybach 62S which can be bought for $492,602. In similar fashion, he also owns a Roewe RX5 SUV which has a base price of $22,266.
The cherry on top of all of his vehicles is his private jet, the Gulfstream 550 which has a price of $61.5 million.
Ma is one of the most dedicated entrepreneurs in the world but he still finds time for charity work and philanthropy. He founded the Jack Ma Foundation which focuses on improving the quality of education, environment and public health all around the world.
He donated $808,000 to victims of the Sichuan earthquake in 2008. He also donated as well as raised a lot of money to construct 10,000 houses in the earthquake affected areas of Nepal in 2015.
The same year Alibaba also launched a non-profit organization called Alibaba Hong Kong Young Entrepreneurs Foundation which helps young entrepreneurs grow their business.
There are no details of his insurance policies.
Jack Ma was born Ma Yun on 10 September 1964 in Hangzhou, China to mother Cui Wencai and father Ma Laifa. He is a Virgo as per his birth sign. He has 2 siblings, an older brother, and a younger sister. Ma is Chinese by nationality and is Asian by ethnicity.
He studied at Hangzhou Normal University and graduated with a BA degree. He also applied 10 times to Harvard Business School but was rejected every time.
Regarding his marriage, he met his wife Cathy Zhang while studying at Hangzhou Normal University. After a while of dating, they got married following their graduation in the 1980s. Together they have 3 children, a boy named Ma Yuankun. The names of the other children have not yet been revealed.
Jack Ma with his gorgeous wife Cathy Zhang attending an event together
He is also a motivational speaker and one of his personal quotes is
"You should learn from your competitor but never copy" .
He is a very well respected figure in the world and his entrepreneurial skill is also appreciated by all.