China saw a surge in the number of ultra-wealthy individuals over the past year, fueled by a bullish stock market, with leaders of “new economy” companies emerging as the main beneficiaries, according to the Hurun Research Institute.

A record 1,434 people made it onto Hurun’s latest China Rich List, each with a net worth of at least 5 billion yuan (US$702 million)—an increase of 340 individuals, or 31%, from a year earlier.

Collectively, their wealth reached 30 trillion yuan, up 42% from the previous year, highlighting the rapid accumulation of wealth among the country’s top-tier entrepreneurs.