According to the latest Bloomberg Billionaires Index, Pony Ma, co-founder of Tencent Holdings, is once again China's richest person, now with a net worth of more than A$65 billion, placing him 27th globally.
Close behind him in the rankings are bottled water tycoon Zhong Shanshan, and Zhang Yiming, the main co-founder of tech giant ByteDance, which owns TikTok.
Only a few years ago, China's ruling Communist Party launched a crackdown on billionaires and other business leaders. Some were publicly jailed. Others simply disappeared from public view.
Ma's resurgence might seem like a positive signal of a more permissive market environment. But as we watch China's private sector grow, we should remember it follows China's unique playbook.
The ascent of Tencent
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