Without citing any sources, El Pais newspaper said Ma had been visiting Spain's Balearic Islands since October 16, accompanied by various Chinese business people and his security detail. It dropped anchor the following day near the beach town of Santa Ponsa, but a Reuters cameraman could only see smaller support boats returning to the superyacht from the shore empty, with Ma nowhere to be seen. The superyacht Zen has been moving along Mallorca's northwestern coast for the past few days and was in Andratx on Tuesday last week. The Diario de Mallorca newspaper said Ma was seen on October 20 in the port of Andratx buying home decor at a local store. Jack Ma now ranks fifth on a list of China's richest people after seeing his fortune drop by $20billion in the last 12 months (pictured on holiday last week in Mallorca) The billionaire was pictured departing his superyacht off the coast of Mallorca and taking a low-key walk through the streets of Santa Ponsa last week, before being spotted again it the Netherlands on Wednesday (October 27). Ma has been keeping a low profile in recent months since he publicly criticised China's regulatory system in a speech last year, but last week made his first trip abroad since the scandal erupted - holidaying in Spain and the Netherlands.Īfter his comments, his empire promptly came under heavy scrutiny by regulators, that even led to the suspension of Ant Group's $37 billion blockbuster IPO. Zhong Shanshan, a journalist-turned-bottled water tycoon, is now top with a fortune estimated at $60.5 billion, according to the newly-published Hurun Rich List. The Alibaba founder, who was targeted after he dared criticise China's financial regulators, is now worth an estimated $39.6billion.
Jack Ma has been spotted for the first time in months as it emerged he has slipped to fifth on the list of China's wealthiest after $20billion was wiped off his fortune amid a government crackdown on his business empire.
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