E-commerce fuels fortunes of richest Chinese

Forbes released China's Richest 2019 on Nov 7, listing 400 Chinese billionaires with at least $1 billion net worth.

A prominent feature on this year's list is growing fortunes in e-commerce. Five of the top 10 richest come from e-commerce or internet service business.

Topping the list is Jack Ma, who recently resigned as chairman of the e-commerce giant he co-founded, Alibaba.

Huang Zheng, CEO of e-commerce site Pinduoduo, saw his estimated net worth soar to $21.2 billion, roughly $10 billion richer from a year earlier, propelling him up five places to No 7 on the Forbes China's Richest list.

"Entrepreneurs who provide services tied to e-commerce also did well: Lai Meisong, CEO of Alibaba-backed express delivery firm ZTO, saw his fortune climb to $4.6 billion from $3.35 billion," Russell Flannery, the compiler of the China Rich List, said in his analysis. "Chinese consumers spent more on everything and spent more of it online."