Liang Wen'gen, founder and chairman of heavy machinery manufacturer Sany, is now the richest person on Chinese mainland with a personal fortune of 70 billion yuan (US$11 billion), according to the Hurun Rich List 2011 released today.

Last year's number one, Zong Qinghou, founder and CEO of drink maker Wahaha, slid into second place this year with 68 billion yuan (US$ 10.6 billion), followed by Robin Li Yanhong, founder and CEO of Baidu, in third place with a fortune of 56 billion yuan (US$ 8.76 billion).

The list counts one thousand richest people with an average wealth of up to US$924 million. The number of US$ billionaires notched up to 271 individuals with an average age of 51, up from 189 last year and almost twice that of 130 in 2009.

"China's rich have defied the global financial crisis with another record year of growth," said Rupert Hoogewerf, chairman and chief researcher of the Hurun Research Institute.

The relentless construction boom and a growing domestic retail market are the key contributors to the growth in wealth. Real estate tycoons constitute 23.5 percent of the rich on the list, making the sector the top wealth source, followed by the manufacturing moguls representing 17.4 percent of the rich.

Shanghai is home to 80 rich individuals on the list, ranking third in the country. Beijing is the choice of residence for 111 super rich individuals, followed by Shenzhen at 83.

Hurun only disclosed the top 50 wealthiest today. The complete list will be released next month.