Wang Jianlin, chairman of China's property and entertainment giant Dalian Wanda Group, has overtaken Hong Kong's Li Ka-shing to become the richest Chinese in the world, according to the new Hurun Rich List.

Wang's wealth increased more than 50 percent year on year to 260 billion yuan (40.6 billion U.S. dollars) as of early June, Hurun Research Institute said in a press release on Wednesday.

Hong Kong tycoon Li Ka-shing, 87, was the second richest with a fortune of 200 billion yuan and Jack Ma, founder and chairman of Internet giant Alibaba, was named third richest with wealth of 165 billion yuan.

The list includes 1,577 tycoons from 18 countries and regions worth a minimum 2 billion yuan. Of those listed, 302 are from Kong Kong, Macao, Taiwan and foreign countries.

Their combined wealth was 12.7 trillion yuan, equalling the annual gross domestic product of Russia.

Rupert Hoogewerf, chair and chief Hurun Report researcher, said that Hurun had released this first rich for Chinese worldwide in response to global attention given to Chinese business people.

Hurun has released a China Rich List since 1999.

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