In 2006, the Chinese had 16 billionaires, with the command economy still entrenched.
According to UBS, this trend will continue to accelerate over the next 20 years, given that there are now 701 billionaires over the age of 70. But this is just the beginning.
"We are experiencing a new wave of entrepreneurship worldwide, with billionaires at the vanguard of innovation". Today, only 30 years after the country's government first allowed private enterprise, they number 373 - almost one in five of the global total.
Of all Chinese billionaires, 97 percent are self-made.
The world's billionaires were worth £6.9 trillion ($8.9 t) more in 2017 than they were the previous year.
China may create lots of billionaires-but it isn't always clear who the money really belongs to or who gets to keep it in the long run.
At the current rate, UBS and PwC expect Asia-Pacific billionaires to be wealthier than their United States peers in under three years. "The past 30 years have seen far greater wealth creation than the Gilded Age" the UBS Billionaires 2018 report said. "This cohort is overwhelmingly self-made and determined to capitalise on one of history's greatest moments for new enterprise".
Technology is the driving force behind what many of these billionaire entrepreneurs do. He said the trend "helps to perpetuate the relevance of family business" and is likely to help families preserve and grow wealth past the third generation.
Billionaires from Asia, especially in the Chinese city of Shenzhen, are now challenging the traditional dominance of Americans as technology entrepreneurs.
India win toss, bowl against West Indies in third ODI
The selection committee also announced the squad for the four-match Test series against the Kangaroos to be held later this year. On the other hand, West Indies will have to overcome a near full-strength Indian team to level the series.
The one percent. The ultra-rich.
Young billionaires are also looking to create their own economic value.
China's 36-richest people have lost 19 percent of their wealth, or $83.8 billion, so far this year, according to the Bloomberg Billionaires Index, more than any other country represented on the ranking of the world's 500 biggest individual fortunes.
USA entrepreneurs could play catch-up next year, though. Billionaires are responsible for 80% of the 40 most significant innovations over the last 40 years and last year, billionaires alone employed a larger workforce than the whole of the UK.
"Billionaires are embracing sustainable investing. Indeed, numerous younger generation want to change the world, making an impact through their family offices and philanthropic organizations".
The report quotes an unnamed Chinese billionaire as saying: "Nowhere else in the world can you find better conditions for growth than in China".
"We need to consider how a maturing economic cycle could affect investors, including billionaires specifically", Mike Ryan, Americas chief investment officer with UBS Global Wealth Management said.
The total number of billionaires reached 2,158 a year ago, up 9% from 2016, according to a new report from UBS and PwC.
Some 61 people who made it onto the billionaire's list for the first time were heirs, with the number of multi generational billionaires expected to grow significantly over the forthcoming decade. Wealth transition from just five families accounted for 30 percent of the continent's wealth expansion.
The 30 richest septuagenarians or older have a combined net worth of more than Dollars 1 trillion.