"Despite its own slowdown and falling stockmarkets, China minted more new billionaires than any other country in the world last year, mainly on the back of new listings," said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
Hoogewerf couldn't be reached for comment on why Hurun's numbers differ from Forbes'. And determining people's personal wealth is hardly an exact science — especially in an economy as opaque as China's.
Yet he has previously told CNBC that if anything, Hurun's China count is low.
"For every billionaire that Hurun Report has found, I estimate we have missed at least two," he said last year.
"Some people deliberately make their wealth a secret because ... they gained it through illegal ways." he said. "Some others simply prefer to keep a low profile."
Hurun said the main source of wealth for China's billionaires is real estate, producing 117 billionaires. Manufacturing created 94 of their billionaires, while technology created 68.
The richest man in China was Wang Jianlin, chairman of the Dalian Wanda Group, with $26 billion.
The report said China has the largest number of billionaires under age 40, with 28. China also has the largest number of self-made women, with 93 of 124 self-made women billionaires worldwide, according to Hurun.
"Secret Lives of the Super Rich" premieres March 30th at 10:30 p.m. Eastern.