Jack Ma makes more money than Warren Buffett in 2014

Chinese businessman Jack Ma made more money than anyone else this year, according to the research firm Wealth-X.

Ma gained US$18.5 billion, increasing his wealth by 173 percent, thanks to Alibaba's high-profile debut on the New York Stock Exchange in September. Ma is the founder and executive chairman of Alibaba.

The e-commerce company's initial public offering on the New York Stock Exchange turned out to be the biggest ever.

The 50-year-old former English teacher beat American business magnate Warren Buffett, who comes in the second with US$13.5 billion. Microsoft co-founder Bill Gates is the third on the list, gaining US$10.5 billion this year.

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