Ma Yun known as “Jack Ma” is a business magnate from China. As of August 2017, he is the richest person in Asia. The estimated net worth of Jack Ma is $38.7 billion US dollars. He is the founder of Alibaba Group which is an internet based business. He currently serves as the Chairman of Alibaba Group. He is also a philanthropist and is one of the most influential people in the world. In 2017, he was ranked in No. 2 of “World’s 50 Greatest Leaders” list by Fortune. He is a global icon of business and entrepreneurship. Prior to becoming a businessman, Ma headed an IT company of the China International Electronic Commerce Center.
Jack Ma was born on September 10, 1964, in Hangzhou, Zhejiang Province, China. He began learning English from a very young age and used to practice it with English speakers in Hangzhou International Hotel. He used to provide the tourist a free city tour for improving his English. He was given the nickname of “Jack” who became ‘pen pal’ with him. It took him four years to complete his college.
In 1988, he graduated with a BA in English from Hangzhou Normal University (previously known as (Hangzhou Teacher’s Institute). When in college, he was the leader of the student council. He then went to CKGSB (Cheung Kong Graduate School of Business) in Beijing and completed his graduation in 2006. Before starting his career, Ma applied in 30 jobs but got rejected in all.
In the late 1980s, shortly after completing his graduation from Hangzhou Normal University, he married Zhang Ying. The couple has two children together.
In 1995, Jack Ma went to the United States along with his friend. He then created a website and also founded the company called “China Yellow Pages” with his wife. In three years, the company was able to make $800 thousand. He started to make websites for Chinese companies. In 1998, he became the head of an IT company which was established by China International Electronic Commerce Center.
In 1999, he resigned from the company and found the site ‘Alibaba’ with a group of his friends. The venture was started with an amount of 500,000 yuan. By January 2000, the company had a venture capital investment of $25 million. To improve the global e-commerce system, he found Lynx, Ali Mama, Alipay, and Taobao Marketplace. Taobao later got an investment of $ 1 billion from Jerry Yang. In 2014, Alibaba raised over $25 billion in an IPO on New York Stock Exchange and went on to become one of the world’s most valuable companies.
Alibaba Group has nine major subsidiaries namely Alipay, AliExpress.com, 1688.com, Juhuasauan, Alibaba Cloud Computing, eTao, Tmall, Taobao Marketplace, and Alibaba.com. In 2016, Jack Ma has become the owner of Château Perenne, Chateau Guerry, and Château de Sours.
In 2005, he was selected as a “Young Global Leader” by World Economic Forum. In the same year, he was named as the “Businessperson of the Year” by Businessweek. In 2009, Jack Ma was featured in the world’s 100 most powerful people list by Time magazine. In 2015, he won the Entrepreneur of the Year Award at the Asian Award. Fortune ranked him at No. 2 on the World’s 50 Greatest Leaders list in 2017.
How much is Jack Ma Net Worth in 2017
Jack Ma started his career by getting rejections. He then created websites for Chinese companies. His fortune changed after he found Alibaba. Jack Ma’s net worth is an estimated $38.7 billion US dollars as of 2017. This massive wealth comes by making Alibaba one of the most valuable companies in the world. Ma was called “trillion Hou” when the online transaction exceeded 1 trillion yuan.
He has also launched several other companies for an e-commerce system. His company Taobao Marketplace was offered to be bought by eBay, which he refused. It later got a support of a billion dollar from the co-founder of Yahoo Jerry Yang. He was also the head of a company which was by the department of Ministry of Foreign Trade and Economic Cooperation.
In 2015, Jack Ma bought a land named Brand Park worth $23 million in Paul Smiths, New York. In 2013, he was conferred with an honorary doctorate degree from Hong Kong University of Science and Technology.