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China has witnessed a sharp rise in the number of ultra-wealthy individuals over the past year, driven by a robust stock market and the rapid growth of “new economy” sectors, according to the Hurun Research Institute.

The institute’s latest China Rich List recorded a total of 1,434 individuals, each with a net worth of at least 5 billion yuan (US$702 million, an increase of 340 people, or 31%, from the previous year. Collectively, their wealth reached 30 trillion yuan, marking a 42% surge compared with last year.

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The Hurun list, first published in 1999, tracks billionaires across mainland China, Hong Kong, Macau, and Taiwan.

“To the surprise of many, the number of people on the Hurun rich list this year has reached an all-time high, largely driven by a strong rally in the stock markets,” said Rupert Hoogewerf, chairman and chief researcher of Hurun. “The emergence of new faces in the technology sectors and growing exports propelled an expansion of the billionaires’ club.”

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Stock market rally fuels billionaire boom

Chinese stock exchanges have seen significant gains over the past year, reflecting renewed investor optimism in industries such as electric vehicles (EVs), biotechnology, and computing. As of September 1, the Shenzhen Stock Exchange surged 54% year on year, the Shanghai Composite Index rose 36%, and Hong Kong’s Hang Seng Index climbed 42%.

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