China leads the way as world's billionaires get even richer

China mints two new billionaires a week as Asia is set to overtake US as billionaire hotspot

World's billionaires increase wealth by a record £6,900,000,000,000 in one year

The report, jointly published by UBS Global Wealth Management and consultancy firm PricewaterhouseCoopers, was titled "New Visionaries and the Chinese Century", in which Chinese entrepreneurs are hailed as the "vanguard of a new industrial revolution".

It warned of lower economic growth in the United States and China if the trade war between the two countries escalates. "But this is just the beginning", said Josef Stadler, head of ultra-high net worth at UBS wealth management.

This incident, along with the recent show trials and tribulations of Chinese executives, shows that while the country has ramped up its production of new billionaires, the megarich and the bankers who chase them face a far more complex and uncertain future than their Western counterparts.

It added that over little more than a decade, they had created some of the world's largest companies, raised living standards and made fortunes at an unprecedented pace. In fact, the number of billionaires in the region only grew by 4 percent.

It said 97% of the Chinese billionaires were self-made, many of them in sectors such as technology and retail.

At the current rate, UBS and PwC expect Asia-Pacific billionaires to be wealthier than their U.S. peers in under three years.

"We are experiencing a new wave of entrepreneurship worldwide, with billionaires at the vanguard of innovation".

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China's ultra rich are mostly "self-made" entrepreneurs, with some 97% building their own fortunes rather than gaining it through inheritance, compared with 69% in the USA, the report said. Almost two thirds of Singapore billionaires are self-made, slightly below the 68 per cent in the US. That's more than double the gains reaped by their peers in the USA and Europe, whose collective fortunes increased 12 percent and 19 percent, respectively. They attracted the same amount of risk capital for startups in 2017 as their US brethren.

In 2017, two out of three new super wealthy individuals a week in Asia were Chinese, keeping the region's 814-strong cohort above their 715 USA counterparts for a second year in a row.

A significant percentage of the "newly created" billionaires are hardly the self-made men-and they are overwhelmingly men-of popular lore.

Addressing the speed at which China is gaining on the U.S. when it comes to wealth creation.

However, UBS and PwC also highlight "the risks of doing business in China", as well as the opportunities.

Of the global 199 self-made entrepreneurs who became billionaires for the first time previous year, 89 came from China, compared with 30 from the US.

Last week, a UBS relationship manager, normally based in Singapore, was stopped at Beijing airport and interviewed by authorities. The Swiss bank briefly banned its staff from travelling to the country - the situation since has returned to normal.

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