Jack Ma becomes the richest man in Asia overnight

Jack Ma, the founder of Alibaba Group became the richest man in Asia overnight. According to the Bloomberg Billionaire's Index, Ma is the richest Asian and 14th richest in the World. He added a staggering USD2.8 Billion to his wealth overnight after the news surfaced that his company is expected to announce a growth of 45 to 49 percent compared to last year.

Jack Ma saw his wealth addition of USD 8.1 Billion so far this year and his current estimated networth is USD 41.8 billion.

The company apart from being a online major which has given tough competition to Amazon in China is venturing into new areas from cloud computing services to streaming music and video as the country's economy is seeing a reduction in its overall growth by more than half percent this year compared to the precious year which is the first in over a decade. Alibaba is capturing more digital advertising spending by incorporating social elements such as video in its shopping sites.

Alibaba would hold a meet with investors this week. Ma who saw his share values rise by over 13 percent would be addressing the shareholders where in he is expected to deliver speech on company's initiatives and future growth plans on expansions and value additions.