Jack Ma, the founder and chairman of Alibaba Group, the company known as Amazon of China, has become the richest man in China.

As of Tuesday, his net worth is estimated at $ 31.1 billion, compared to $ 30.9 billion of Wang Jianlin, a commercial property developer.

Ma Huateng, chairman of Tencent internet service, ranks third with $ 29.7 billion, according to Forbes magazine.

According to Business Magazine, the value of Jack Ma's shares has risen after Alibaba's shares have reached 28% since the end of December. The shares hit a new all-time high at the end of April. Alibaba went on the market in September 2014, setting a record as the largest IPO (initial public offering) in history.

Ma, 52, is now the 21st richest man in the world, according to Forbes, and is only $ 100 million behind Microsoft billionaire Steve Ballmer.

A good English speaker, Ma comes from a relatively humble background before the founding of Alibaba in 1999, when the Internet began to cause great unrest in China. Today, in addition to its e-commerce unit, Alibaba owns a majority stake in The South China Morning Post; Youku Tudou, known as "YouTube of China" and a smartphone manufacturer.