The founder of China’s largest internet search engine, Baidu, has become the wealthiest man in the Asian economic giant, according to rankings produced by the Bloomberg Billionaire Index.

Li’s net worth has climbed by $4.8 billion, or 65 per cent, to $12.231 billion so far this year as Baidu shares rallied, Bloomberg reported today.

Wang Jainlin, chairman of closely-held Dalian Wanda Group, has seen his fortune rise, meanwhile, by $2.9 billion to $12.167 billion in 2013. He stands in second place. Four of China’s top billionaires are worth about $12 billion, the report said.

Most of Li’s wealth comes from his 20.8 percent stake in Baidu. Baidu is the world's 5th most visited website and China's most popular search engine.

Wang may reclaim the first spot after he sells shares in AMC Entertainment Holdings, the US movie chain he bought for $2.6 billion in 2012. AMC this week said it plans to raise as much as $368 million in an initial public offering that would value the company at up to $1.9 billion.

Zong of Wahaha, the largest Chinese beverage maker, trails Li and Wang with a net worth of $12.0 billion. Ma Huateng, founder and chairman of Tencent Holdings, China’s largest Internet company by market value, is the country’s fourth-richest individual with a wealth of $11.5 billion.