China saw a remarkable increase in the number of ultra-wealthy individuals over the past year, driven by a bull market in stocks, with leaders of “new economy” companies emerging as the primary beneficiaries, according to the Hurun Research Institute.

A record 1,434 individuals made it onto Hurun’s latest China Rich List, each having a net worth of at least 5 billion yuan (US$702 million). This marked an increase of 340 individuals, or 31 per cent, from the previous year.

The collective wealth of these affluent individuals reached 30 trillion yuan, a 42 per cent rise compared with last year.

Zhong Shanshan, the second-richest person in 2024, reclaimed the No 1 position this year as his fortune surged 56 per cent to 530 billion yuan. The 71-year-old, who controls China’s largest bottled water producer Nongfu Spring, has topped the rich list for the fourth time.

Zhang Yiming, founder of TikTok owner ByteDance and the richest person last year, fell to second place despite a 34 per cent increase in his fortune to 470 billion yuan.