Saturday, May 12

1

China's richest man, Jack Ma, was happier when POOR than when a billionaire

by Staff writer



"Money does not equal happiness" is something we hear always, but there are only a few classic examples.

Jack Ma, the founder and executive chairman of Alibaba, became the richest man in China in 2014 when his company raised over $25 billion in an initial public offering (IPO) on the New York Stock Exchange.


But, according to Ma, being a billionaire hadn't necessarily made him happier.

Speaking during an interview at the New York Stock Exchange, Ma says he was just as happy — perhaps even happier — when he was barely making any money right out of college.

After graduating in 1988, Ma worked as an English teacher at a local university in his hometown of Hangzhou, China. He only made $12 a month, according to the documentary about his life called "Crocodile in the Yangtze."

When speaking at a luncheon with the Economics Club of New York, Ma referred to this period as the "best life I had."

When you don't have much money, you know how to spend it, Ma explained. But once you become a billionaire, you have a lot of responsibility.

"If you have less than $1 million, you know how to spend the money," he said during the speech.

" [At] $1 billion, that's not your money...The money I have today is a responsibility. It's the trust of people on me."

Ma says he feels a need to spend his money "on behalf of the society."

"I spend it our way," he said. "It's a trust."

This isn't the first time Ma has spoken about the burden of being a billionaire.

When speaking at a panel at the Clinton Global Initiative in New York, he referred to his days as an English teacher as "fantastic," according to CNN Money.

He said anyone with $1 million is "lucky," but when you reach $10 million, "you've got troubles."

After Alibaba's IPO, he told CNBC that the pressure that comes with the responsibility gets to him, especially now that the world is focusing on Alibaba's stock price.

"IPO is great because ... I'm happy with the results," he said to CNBC.

"But honestly, I think when people think too highly of you, you have the responsibility to calm down and be yourself."


1 comment:

  1. Please let me know if you're looking for a article author for your site.
    You have some really great posts and I feel I would
    be a good asset. If you ever want to take some of the load off,
    I'd really like to write some material for your blog in exchange for
    a link back to mine. Please send me an email if interested.
    Thank you!

    ReplyDelete

Feel free to always express your opinion, but do not abuse others.