Wang, 59, founder of property developer Dalian Wanda Group, surpassed last year's number one Zong Qinghou, chairman of China's leading beverage company Wahaha Group, reported Xinhua.
Wang, who made his name with shopping malls, has been quietly growing Wanda into one of the biggest real estate companies in the world, with a prospective 17 million sq. m under management by the end of 2013.
Zong was ranked second in the list with a fortune of 115 billion yuan.
Some 23.5 percent of the 1,000 Chinese entrepreneurs on the list make their money in real estate.
The threshold of the list is two billion yuan, nearly three times that of 2008.
The average age of the billionaires on the list is 52 with an average wealth of 6.4 billion yuan, up 18.5 percent year-on-year.
Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading luxury publishing group based in Shanghai.