Mumbai, April 10: In 2014, Alibaba founder Jack Ma had expressed his wish to overtake retail giant Walmart in the next couple of years. Jack Ma’s wish has been fulfilled as Alibaba is officially declared as world’s largest retailer. With a an expected overturn of $490 billion in 2015-16, the Chinese retailing brand is the global leader in the sector.

Walmart had occupied the position for the past three decades. In 2014-15, Walmart had an overturn of $485 billion. But the figures have dropped significantly this year, providing Jack Ma to assert his dominance.

“Alibaba has become the largest retail economy in the world as measured by annual gross merchandise volume (GMV) on its China retail marketplaces,” Alibaba Group Holdings said in a press release.

Alibaba’s executive vice chairman Joe Tsai is hopeful of an even brighter 2016. The company has invested in various global ventures and aims to maximize its profit in the financial year 2016-17. Tsai further described the various challenges the company had gone through in the past 13 years and the alternative form of retailing which founder Jack Ma adopted. “We used 13 years to demonstrate the power of a different business model compared with brick-and-mortar retailers,” he said while speaking to a Chinese daily.

The statistics is an excellent example to describe Jack Ma as a visionary. During an interview with Forbes in 2014, Ma had claimed that his company would triple the total annual income with the next 20 months. The Chinese business tycoon has validated his claims.