Wang Jianlin, chairman of Dalian Wanda Group, retained the crown on the Hurun Rich List 2016 with a personal fortune of 215 billion yuan (US$31.93 billion).
The dark horse this year was Yao Zhenhua, CEO of Baoneng Group,who rose to the 4th spot from 200th last year.
On the other hand, Lei Jun, CEO of Xiaomi and Lu Guanqiu, CEO of Wanxiang dropped out of the Top 10, falling to 14th and 18th respectively.
Due to fierce competition in the domestic cell phone market, Lei Jun's wealth shrank by 30 percent to 65 billion yuan.
Financial investment was the sector featuring the fastest rise in proportion, followed by the IT industry. Meanwhile, the manufacturing, real estate and fashion industries saw the biggest decline.
Beijing is the preferred city of residence for most of those on the Hurun Rich List, with 322 entrants, followed by Shenzhen and Shanghai with 195 and 162 respectively.
This is the 18th release of the ranking since it was launched in 1999.
The richest entrants on the list are as follows:
Zhang Jindong [Xinhua]
Wealth: 78 billion (US$11.58 billion)
Wealth change: -4%
Industry: retail, real estate