Property magnate Wang Jianlin of Dalian Wanda tops the list of 594 billionaires in the country, ahead of 535 billionaires in the US. Alibaba's Jack Ma was second, with his wealth having risen 41% from last year.
The annual list is compiled by Shanghai publishers Hurun and often compared to the Forbes list in the US.
The Hurun Report's rich list is one of the most closely-watched and accurate assessments of wealth in China. The annual report has been published for the past 18 years.
Earlier this year, the publisher released a separate, global list, showing that the number of billionaires in China outnumbered those in the US .
However, none of China's super-rich make it into the global top 20.