Hurun Research Institute released its ranking of the richest Chinese in the world on Tuesday.

The Institute, which has been ranking the individuals annually for the past 16 years, has a new name at the top, Alibaba's Jack Ma, who has replaced Dalian Wanda Group's Wang Jianlin.

This year's new faces in the top 10 are Jack Ma, Li Hejun, Yan Jiehe & Yan Hao, Richard Liu Qiangdong and Lei Jun.

Six of the last year's top 10 fell out of this year's list, with four of them belonging to real estate sector, an industry that has gone through tough times this year.

1 Jiang Bin

Company: GoerTek

2014 ranking: 39

2013 ranking: 10

Jiang Bin's family fortune in 2014 shrank to 25.5 billion yuan from 37.5 billion yuan last year. The drop in GoerTek's market value affected Jiang's ranking in the rich list this year.

Jiang Bin, founder and chairman of GoerTek, attends a conference in Jinan city, east Chinas Shandong province, 15 January 2009.[Photo/IC]

Inside a Chinese 'Taobao village'	Alibaba makes its NYSE debut	China's first Hermes Maison opening in Shanghai