BEIJING, China - With a fortune of $42.5 billion, Evergrande Group owner Xu Jiayin toppled Alibaba's Jack Ma to become China's richest person on the Forbes 'Real-time ranking' of the world's billionaires.
Jiayin, who owns the popular real estate company boasts a net worth of $36.7 billion and managed to overtake the Alibaba co-found.
Jack Ma currently has a fortune of $35.4 billion and was ranked second on the list, closely followed by the Tencent founder Pony Ma Huateng, who has a fortune of $35.3 billion.
This year, even though the Evergrande Group owner has seen his wealth decline, the increase in the value of the company's shares repositioned him at the top of the rich list in China.
According to the China Securities Journal, Evergrande's stocks have continued to rise over the past month.
Meanwhile, Yang Huiyan, who is a property developer and majority shareholder of Country Garden Holdings, become the first woman to make the list.
Huiyan was ranked in the sixth position with an estimated wealth of about $18.2 billion.
The 34-year-old founder of ByteDance, Zhang Yiming was named as the youngest Chinese billionaire and boasts of an estimated wealth of about $6.8 billion.
The tech company he founded has developed popular apps such as Douyin, which is called TikTok in international markets.
Overall, the Forbes rating of the world's billionaires ranked Xu Jiayin at number 20, one spot ahead of Jack Ma.
In 2017, Forbes named the real estate tycoon Jiayin as the richest person in China.