According to China's business magazine New Fortune's 2018 Chinese wealthy list, the top 10 tycoons' total wealth reached 1.72 trillion yuan, accounting for 18% of the combined wealth of the list's total 500, and the top 10's personal wealth has surpassed 100 billion yuan for the first time.
Tech giant Tencent's founder Pony Ma topped the list, with a fortune of 279 billion yuan, followed by Alibaba's Jack Ma, and Evergrande Group's Xu Jiayin, with their personal worth reaching 260 billion yuan, and 229 billion yuan, respectively.
As China's economic structure evolves, the rich list also is changing.
One fifth of the rich in the 500 list are from the information technology industry, and capital players are fading away from the list.
Among the top 10, four of them -- Pony Ma, Jack Ma, Ding Lei (CEO of Chinese game developer NetEase Inc) and Lei Jun (founder of smartphone maker Xiaoxi) -- are from TMT (telecommunications, media and technology) sectors.
Around 2025, China's richest man's personal wealth will match the US' richest man's, and will be in a race to be the world's richest man, the magazine predicted.