HONG KONG, Sept. 23 (UPI) -- Alibaba's record setting IPO on the NYSE made founder Jack Ma the richest man in China, topping the list of Internet and technology tycoons.
Ma is now worth $24.2 billion, which puts him in the top spot on the Hurun Report, China's annual list of the country's richest. He joins tech titans Lei Jun, founder of smartphone maker Xiaomi; Robin Li, co-founder of Chinese search group Baidu; and Pony Ma, founder of Alibaba arch-rival Tencent.
The new technology additions now outnumber the members with the traditional sources of wealth -- namely real estate.
"It has been an amazing year for China's best tycoons despite the jitters about the Chinese economy," Hurun said.
The anti-corruption campaign in China hindered the growth of the list and caused several billionaires to be knocked off after getting in trouble with the Chinese authorities.
Membership to the elite club of China's 100 richest has a cutoff at $2.3 billion, 15 times more than the cutoff a decade ago.
Alibaba's co-founder Simon Xie Shihuang now has a fortune of $1.6 billion.