Alibaba Group co-founder Jack Ma is set to jump six places on Bloomberg's Billionaires Index to become the 11th-richest person in the world, following news that Ant Group's November initial public offering will be the largest of all-time.
Ma has an 8.8% share in Ant Group, Alibaba's financial services company. That stake is worth $27.4 billion, based on share pricing in Hong Kong and Shanghai for the initial public offering, Bloomberg reported.
That will take his fortune to $71.1 billion, making him richer than Oracle's Larry Ellison, L'Oreal heiress Francoise Bettencourt Meyers, and three individual members of the Walmart-owning Walton family.
Regulatory filings published Monday showed that Ma's Ant Group will raise $34.5 billion through a dual initial public offering in November, making it the biggest-ever listing by a margin of more than $5 billion.
The company will evenly split its offering between Shanghai and Hong Kong, selling 1.67 billion shares in each debut.
This could value Ant at up to $313.4 billion.
Ma is already richer than Koch Industries' Charles Koch, Nike's Phil Knight, and Dell's Michael Dell.
He has spent most of the last six years at the top of China's rich list, though in September he was momentarily knocked off the top spot by bottled water entrepreneur Zhong Shanshan.
Ma is currently Asia's second-richest person, second only to the $77.3 billion fortune of Mukesh Ambani, who owns Indian conglomerate Reliance Industries. Ambani is the seventh-richest person in the world.
