Prime Minister David Cameron appoints Alibaba's Jack Ma to his Business Advisory Group

Lauren Fedor
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Jack Ma has an estimated net worth of $22.5bn (Source: Getty)

Alibaba founder and executive chairman Jack Ma has been appointed to Prime Minister David Cameron's Business Advisory Group (BAG).

Number 10 announced the appointment today, ahead of a four-day state visit by China's President Xi Jingping.
Commenting on the appointment today, a Downing Street spokeswoman said: "This is about appointing someone who has real business experience and understanding of the Chinese market."

Read more: Poll: British people want closer economic ties with China

Ma is reportedly the wealthiest man in mainland China, with an estimated net worth of $22.5bn. Alibaba initiated trading on the New York Stock Exchange in September 2014 with the biggest IPO in US history, raising $21.8bn.

The BAGā€ˆmeets four times a year to discuss major economic issues. Following the General Election, Cameron appointed a new slate of 19 City leaders to the group, including more than a dozen chief executives of UK blue chips.

Read more: Britain has made "visionary" progress to strengthen ties with China

The chief executives of BP, Legal & General, EasyJet, Land Securities, the London Stock Exchange Group, Persimmon, Asda, ARM, Severn Trent and Rolls Royce are all members the group, as are the chairs of Universal UK, EY, Lloyd’s of London and Santander.

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