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…