Jack Ma is set become the world’s 11th-richest person on Ant Group’s IPO, leapfrogging heirs to L’Oreal and Walmart with his $71.1 billion fortune

• Alibaba Group co-founder Jack Ma is set to become the 11th-richest person in the world.
• Alibaba’s financial services company Ant Group plans to go public in November. Based on share pricing for the IPO, Ma’s fortune will jump to $71.1 billion, moving him up six places on Bloomberg’s Billionaires Index.
• This will make him richer than Oracle’s Larry Ellison, L’Oreal heiress Francoise Bettencourt Meyers, and three individual members of the Walmart-owning Walton family.
• Ma is already the richest person in China, and second-richest in Asia.
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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.

Read more: The co-managers of a China-focused fund that’s returned 40% this year explain why nearly half their portfolio is in Alibaba and Tencent — and share 3 under-the-radar stocks they also love

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.