The founder of Chinese Internet giant Alibaba, Jack Ma, is now the richest person in Asia, according to a new list of the world’s billionaires.

With an estimated wealth of US$28.6 billion, Ma overtook the Hong Kong property tycoon Li Ka-shing at US$28.3 billion, according to financial newswire Bloomberg.

Ma was catapulted into the ranks of the world's richest after his sprawling e-commerce firm floated on the New York Stock Exchange in the bourse’s biggest ever initial public offering.

Much of Ma’s money comes from his 6.3-percent stake in Alibaba, which has risen some 54 percent since September, Bloomberg said.

Alibaba is a collection of businesses which concentrate on online shopping and online payment, and has been compared to a combination of eBay, PayPal and Amazon.

China produces more new billionaires than anywhere else in the world, currently numbering over 300.

- dpa