Among Zhejiang’s billionaires, up to 32 people live in Hangzhou city – where the G20 Conference was recently held.

This city is 160km southwest of Shanghai, famous for its role as the region’s commercial center.

`This city participated very early in China’s opening process,` Ma said, `And since Hangzhou opened, a lot of international tourists – including Americans – have come here. I especially

Since he was a teenager, Ma has often cycled to West Lake here to practice his English.

Famous billionaires of Zhejiang.

When China began economic reform in the 1980s, Hangzhou and many other cities in Zhejiang such as Ningbo and Wenzhou quickly joined in.

Zhejiang’s first generation of entrepreneurs during this period built businesses based on manufacturing and low-skilled manpower.

The second generation appeared in the late 90s and early 2000s with much higher technological skills.

Among the 72 billionaires in Zhejiang, the most famous are Neil Shen – founder of Sequoia Capital China, Frank Wang – founder and CEO of drone manufacturer – DJI and Li Khufu – founder of Geely Auto Group

`Zhejiang people stand above other businessmen in China. They are quite cooperative and flexible,` Hurun Report Chairman Rupert Hoogewerf said on CNN.

Hoogewerf also believes that Zhejiang will continue to produce many millionaires and billionaires, thanks to Jack Ma.

The company’s financial arm – Ant Financial (formerly known as Alipay) is about to launch an IPO, potentially creating many new billionaires.

Ma is quite humble: `I don’t want to say Alibaba is that successful. Hangzhou has helped me a lot. And I’m grateful to this city.`