Rich List 2013

We wondered if, or even when, it would or could ever happen. But this year, the 11th year of the Estates Gazette Rich List, it finally has happened: the Duke of Westminster, who has reigned supreme at the number one spot for the past 10 years, has been toppled. Not just down to second place, but down to fourth.

Claiming the Duke's crown is China-based Wang Jianlin of the Dalian Wanda group, who has bought One Nine Elms, part of London's Vauxhall South Bank regeneration scheme, to build a new hotel and residential development. He is worth a staggering £10.4bn with his stake in his company and other assets.

The new number two is Henry Cheng Kar-Shun of the Hong Kong-based Knight Dragon/New World Development Company who is worth £10.2bn, and has purchased the Greenwich Peninsula regeneration scheme from Quintain.

At number three are the Reuben brothers, valued at £8.3bn. Even with 12-month growth of £500m from 2012 to 2013, the Duke of Westminster can only make it to fourth place with £8bn.

The influx of Asian money has meant the total wealth of the top 250 in the Estates Gazette Rich List has leapt to a colossal £16.5bn, a 60% increase on 2012. This, says EG Rich List compiler Dr Philip Beresford, is "the largest increase we or any other rich list has ever achieved anywhere in the world in a year, and that sums up the London property market".

Meanwhile, new money on the list is clearly ousting old. as there are 73 new entrants, compared with just 21 in 2012. Given these figures and the interest in London, it seems the capital will be a global focus for years to come.

Dr Philip Beresford and fellow EG Rich List compiler Dominic Prince also compile The Sunday Times Rich List

1 BRINGING CHINESE LUXURY TO THEGLOBAL MARKET

£10,4.00m

Wang Jianlin

Dalian Wanda

Chinese property entrepreneur Wang Jianlin barges straight in at number one in the 2013 Estates Gazette Rich List with a £10.6bn fortune. He makes it into our rankings on the back of a powerful commitment to the London economy in June. He is set to develop the tallest residential tower in Europe at 670ft - topped off with a five-star...