Jack Ma Thinks Alibaba Will Make Almost As Much Money as The U.K. By 2036
Alibaba founder Jack Ma is confident his company will make its way to the top as the fifth largest economy of the world by 2036, sitting behind only the U.S., China, Japan, Germany and the U.K., respectively.
Ma recently saw his personal wealth, which is mostly based off the value of Alibaba, grow $2.8 billion overnight after Alibaba Group’s value jumped by 13.3% on the New York Stock Exchange last Friday, making him China’s richest man at #14 on the Bloomberg Billionaires Index.
The Alibaba CEO told investors at the e-commerce giant’s headquarters in Hangzhou earlier this week about his plans for the future.
“If a company can serve two billion consumers, that is one-third of the total population of the world. If a company can create 100 million jobs, that is probably bigger than most governments can do. If a company can support 10 million profitable businesses on its platform, this is called an economy,” Ma was quoted by the South China Morning Post.
Alibaba, which runs the popular Taobao and Tmall e-commerce platforms, has set a target goal of $1 trillion in gross merchandise volume by 2019, which could make it around the 16th or 17th largest economy in the world.
Ma pointed out that Alibaba currently ranks as the 22nd largest economy globally, trailing behind Argentina.
But Alibaba isn’t stopping there.
The Chinese e-commerce titan expanded its big data and artificial intelligence cloud product, “MaxCompute”, in Europe to take on other big companies like Amazon and Microsoft, CNBC reported.
“MaxCompute” handles large data, such as video and audio, in order to let organizations make predictions in real-time.
“With this system, you can prevent the traffic jam from happening in the first place,” according to Wanli Min, AI and data mining scientist at Aliyun, the cloud division of Alibaba.
Support our Journalism with a Contribution
Many people might not know this, but despite our large and loyal following which we are immensely grateful for, NextShark is still a small bootstrapped startup that runs on no outside funding or loans.
Everything you see today is built on the backs of warriors who have sacrificed opportunities to help give Asians all over the world a bigger voice.
However, we still face many trials and tribulations in our industry, from figuring out the most sustainable business model for independent media companies to facing the current COVID-19 pandemic decimating advertising revenues across the board.
We hope you consider making a contribution so we can continue to provide you with quality content that informs, educates and inspires the Asian community.
Even a $1 contribution goes a long way. Thank you for everyone’s support. We love you all and can’t appreciate you guys enough.