Forbes has named Alibaba Chairman and CEO Jack Ma as the richest man in China, topping the magazine's China Rich List for the first time with an estimated net worth of $19.5 billion.

Ma, a former English teacher, soared to the top of the list thanks to Alibaba's record $21.8 billion initial public offering on the New York Stock Exchange in September. He heads up a list of the top 100 richest people in China, who this year have a combined net worth of $376 billion.

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Coming in second behind Ma with an estimated net worth of $14.7 billion is Robin Li, the chairman of Internet services company Baidu. Li cofounded Baidu in 2000, and just last year got into politics by becoming a member of the Chinese People's Political Consultative Conference, a political advisory body.

Just behind Li in third place on Forbes' Chinese rich list is Ma Huateng, founder of Chinese investment holding company Tencent. The company has become Alibaba's biggest competitior in China, and has just led a $350 million funding  for a new strartup that could challenge's Ma's company in the mobile shopping sector.

Coming in fourth is Wang Jianlin, who topped the list last year but fell to fourth this year with "only" $13.2 billion. Wang derives most of his wealth from the value of the commercial real estate owned by his Dalian Wanda Group conglomerate.

In August Wanda  teamed up with Baidu and Tencent to launch Wanda E-Commerce, announcing investment projects in Chicago, Los Angeles and Australia. Wang is reportedly preparing the company to spin off Wanda Commercial Properties for an initial public offering on the Hong Kong Stock Exchange before the end of the year.

Rounding out the top five is Li Hejun who's net worth has been estimated at $13 billion by the number crunchers at Forbes. Li is chairman of Hanergy Holdings, which focuses on solar technology. Li grew up in Guangdong Province, cutting his teeth in the electronics trade in Beijing before moving on to hydroelectric power.

The rich list for China was once again dominated by men, who held the top 12 places. Coming in at 13th as the richest woman in China was Cha Laiwa and her family, which have a total net worth of $6.1 billion. Laiwa is one of the wealthiest women in the world, having made her fortune through commercial real estate. The Fu Wah International Group, of which she is chairman, owns Regent Beijing, Jinbao Tower, the Beijing Hong Kong Jockey Club and China Red Sandalwood Museum.

With a net worth of $4.9 billion, the second richest woman in China - and one of the country's youngest billionaires - is 33-year-old Ohio State graduate Yang Huiyan. Huiyan became one of the wealthiest women in the world after her real estate developer father Yeung Kwok Keung transferred his wealth to her in 2007.

Coming at 30th overall, and third among women, is self-made billionaire Zhang Xin, who is CEO of Beijing real estate developer SOHO China, the largest commercial real estate developer in capital. She was raised by a single mother and worked in Hong Kong garment factories as a teen before earning an degree in economics at the prestigious Cambridge University in England.

TagsForbes Rich List, Jack Ma, Robin Li, Ma Huateng, Dailan Wanda Group, Wanda E-Commerce, Hanergy Holdings, Cha Laiwa, Yang Huiyan, Zhang Xin, Alibaba's Jack Ma tops Forbes China Rich List, Forbes names Jack Ma richest person in China