Cao Ji, chairman of Hangke Tech, makes it onto the 2020 China Top 500 Rich List released by New Fortune magazine for the first time. [Photo/zjol.com.cn]

Two entrepreneurs from a tech company in Xiaoshan district, Hangzhou, recently made it onto the 2020 China Top 500 Rich List released by New Fortune magazine for the first time.

The two entrepreneurs were Cao Ji and his son Cao Zheng from Hangke Tech, one of the first tech firms to be listed on the science and technology board.

Jack Ma, co-founder of Alibaba, topped the list with a new worth of over 300 billion yuan ($42.29 billion).

A total of 57 entrepreneurs in Zhejiang province were among the list, with an average net worth of 21 billion yuan, a year-on-year increase of 23.1 percent.

The fortunes of China's richest 500 people totaled 10 trillion yuan, indicating strong economic development potential in China.

Among the 500 richest Chinese, 96 worked in the telecommunications, media and technology, or TMT industries, 50 percent more than the amount who worked in the real estate industry.

As the 5G era is drawing near, more wealthy individuals are expected to emerge in the coming wave of industrial internet development in artificial intelligence, cloud computing, robots and blockchain.

The list has been released by New Fortune magazine every year since 2003.