Last year, 89 Chinese businessmen made their first billion dollars, three times more than in the US and EMEA.
The world's richest person is Amazon founder Jeff Bezos, who has an estimated net worth of United States dollars 146 billion, more than any one person in history.
The report said that globally, self-made billionaires have driven 80 per cent of the 40 main breakthrough innovations over the last 40 years. "We're combining the digital world with the material world with the biogenetics world and everything's starting to come together", said John Mathews, Head of Ultra High Net Worth Americas at UBS Global Wealth Management. Explosive wealth creation in China.
Global billionaire growth of 19 percent was lower than growth in the MSCI World Index, which rose by 25 percent.
It there were only 16 Chinese billionaires as recently as 2006.
Total billionaire wealth in Singapore grew by 9 per cent to reach US$64.5 billion.
The U.S. and China are likely to see slower economic growth in the coming period as Donald Trump's trade war bites.
UBS notes that 40 of the 179 new billionaires created previous year inherited their wealth, an overwhelming number of which are men. While 106 people became new billionaires a year ago, there were just 55 net new billionaires in China as 51 people's net worth dropped below a billion. "But this is just the beginning", said Josef Stadler, head of ultra-high net worth at UBS wealth management.
"Really, the story revolves around China, where we're seeing unbelievable and unprecedented wealth", Mathews said.
'Today, only 30 years after the country's government first allowed private enterprise, they number 373 - almost one in five of the global total'.
Since other industries like retail and financial services rely heavily on technology, technology has become the horizontal and most other industries are verticals.
Younger billionaires are the driving force behind a growth in philanthropy and sustainable investing, as they use their wealth to create positive social impact.
"UBS head of ultra-high-net -worth Ravi Raju said: "(Asia's) remarkable wealth creation presents an vast opportunity for UBS, which now has a relationship with three out of five billionaires in Asia". "This cohort is overwhelmingly self-made and determined to capitalise on one of history's greatest moments for new enterprise". Far from being a Wild West with little or no controls, China's government is looking closely at how business is evolving and what the successful entrepreneurs are doing with their money.