China’s Richest Man, Jack Ma not Happy as a Billionaire (Says its Great Pain)
Jack Ma is the founder and CEO of Alibaba, the ecommerce site that recorded $25 billion in its IPO last September making Ma the richest man in China.
Speaking at a luncheon with the Economics Club of New York on Tuesday, Ma said “the best life he had” was after 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.”
It now seems Ma was happier when he was barely making money right after college.
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 Tuesday’s 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.”
“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.”
An article written by Business Insider quoted Ma as not being happy as a rich man. He believes the responsibility saddled with being so rich is “great pain”.
I do not know if all other so rich individuals are feeling the same pressure as Jack Ma but you as a successful entrepreneur, in your own opinion, why is Jack Ma not happy as a billionaire?