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.

Let us take a look at this year's top 10 richest individuals in China based on wealth calculated by August 15, 2014.

No.10 Lei Jun

Company: Xiaomi Technology Co Ltd

Assets: 45 billion yuan ($7.5 billion)

Lei Jun, co-founder and CEO of Beijing Xiaomi Technology Co Ltd, at Tsinghua University in Beijing, Dec 11, 2013. [Photo/IC]