A burgeoning tech industry and startup culture that's poised to challenge Silicon Valley has been the engine for much of China's wealth creation, according to the report, which noted that China produced nearly three times as many self-made billionaires as the USA a year ago.
The overwhelming majority - 97 percent - of Chinese billionaires are self-made, the report said, and the county produced 89 billionaire entrepreneurs previous year - around three times higher than in the USA and the Europe, the Middle East and Africa (EMEA) region.
The report said China was now the leading country for entrepreneurs to create wealth.
It's exactly that kind of ingenuity that has helped the world's most populous nation churn out new billionaires at a prodigious clip, according to John Mathews, head of ultra-high net worth in the Americas for UBS Group AG. "But this is just the beginning", said Josef Stadler, head of ultra-high net worth at UBS wealth management. And Anbang's CEO has been sentenced to 18 years in prison, and forced to give up $1.65 billion, for embezzlement and insurance sales violations.
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But Chinese billionaires expanded their wealth at almost double that pace, growing by 39 percent to $1.12 trillion. Last year, 89 Chinese businessmen made their first billion dollars, three times more than in the USA and EMEA.
It said 97% of the Chinese billionaires were self-made, many of them in sectors such as technology and retail.
The latest UBS/PWC billionaires report charts exactly how and where the moneyed elite is prospering. Further, billionaires are embracing sustainable investing, seeing how it not only does good, but also adds value in their businesses.
If the existing US/China trade-war escalates, UBS foresees lower economic growth in both countries before policy responses.
Equities in the United States and Asian countries excluding Japan may fall by more than 20 percent from their levels in mid-summer of 2018, the report warned.
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China is leading the world in billionaire-generation with two billionaires created every week, which accounts for 22% of the increase, or $315.8 billion, in billionaire wealth worldwide.
North and Latin America lagged the world's growth rates, with an increase in assets of 12 percent - reaching a total of $3.6 trillion.
In Europe, wealth grew 19 percent to Dollars 1.9 trillion.
Currency appreciation saw European billionaires' wealth grow by 19 percent although the number of billionaires rose by just 4% to 414. "There are 701 billionaires over the age of 70, whose wealth will transition to heirs and philanthropy over the next 20 years, given the statistical probability of average life expectancy".
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Reports Friday suggested a deal had been reached that would see the protests end in exchange for an easing of the blockade. The12-year Israeli blockade of the Gaza is making the enclave unlivable for its two million residents.