Jack Ma, founder and chairman of Alibaba Group Holding Ltd has been crowned China's richest man, with a net worth of US$21.8 billion. That's according to the Bloomberg Billionaires Index.

Ma's weath could rise even more after next month's Alibaba IPO. Jack Ma's assets include a 7.3 per cent economic interest in China's largest e-commerce business.

The 49 year old billionaire also owns almost half of the parent of Alipay, a separate online-payment service. Jack Ma is US$5.5 billion richer than Pony Ma, the founder of Tencent Holdings Ltd., China's largest Internet company by market value.

Next in line, Robin Li, the founder of search engine Baidu Inc., ranks No. 3. China's internet titans have seen their net worth swell this year, as the internet market growth continues to surge.

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