Ma Huateng, CEO of video game powerhouse Tencent, is now the richest person in China according to Chinese research firm, Hurun Report.
Huateng managed to double his fortune to $47 billion. On the list of the wealthiest people, Huateng ranks number 15. He fell behind other notable billionaires like Michael Bloomberg, Warren Buffet, and Mark Zuckerberg. Huateng managed to steal the number one spot of the richest person in China from real estate tycoon Hui Ka Yan. CNN reported that China has over 800 billionaires which is almost 50 per cent more than the United States.
Tencent the global gaming conglomerate, valued at more than $540 billion, has stakes in such companies as Epic Games, Riot, and are the makers of major chat platform, WeChat. This level of wealth puts it ahead of other media firms, notably Facebook. Tencent has attained rights to publish the popular PlayerUnknown’s Battlegrounds in China and has worked with Nintendo to bring games to the region. The company is also responsible for publishing Arena of Valor, which has grasped more than 200 million players in China alone.
Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report said that tech industries were contributing a massive amount of profit that allows for China’s wealth boom. “You’ve got a lot of young people starting very dynamic businesses — and that’s where the energy is coming from,” he told CNN.
Tencent has managed to have a stake in some of the most popular games on the market such as MOBA poster boy, League of Legends. The company also has stakes in Supercell and Robot Entertainment and Epic Games, maker of Unreal. With all of these games and companies under its belt, it is no wonder this global juggernaut has managed to become one of the world’s largest firms and bring its CEO to the top of the money food chain.
