Chinese business magazine New Fortune ranked its latest 500 Chinese rich list based on their personal wealth on May 8.

Pony Ma, founder of China's tech giant Tencent, takes the crown of China's richest man from Wang Jianlin, real estate developer Dalian Wanda's chairman, followed by Alibaba's Jack Ma and Evergrande Group's Xu Jiayin, according to the list.

The magazine said the combined wealth of the top 500 reached 9.57 trillion yuan in 2018, and the figure surged 20 percent year-on-year. The top 10's personal wealth surpassed 100 billion yuan for the first time, and three of those on the list had personal wealth that exceed 200 billion yuan.

However, the threshold of the rich club slightly declined to 6.4 billion yuan in personal wealth from last year's 6.61 yuan billion.

Here are the 10 richest tycoons.

No 10 Lei Jun
Wealth: 102.77 billion yuan
Company: Xiaomi Corp
Industry: Smart devices producer