ZURICH, Switzerland (AFP) — China produced around two new billionaires a week last year as the fortunes of the world’s ultra-rich soared by a record amount, a report said Friday.

Billionaires’ wealth enjoyed its “greatest-ever” increase in 2017, rising 19 per cent to US$8.9 trillion shared among 2,158 individuals, said the report by Swiss banking giant UBS and auditors PwC.

But Chinese billionaires expanded their wealth at nearly double that pace, growing by 39 per cent to US$1.12 trillion.

“Over the last decade, Chinese billionaires have created some of the world’s largest and most successful companies, raised living standards,” said Josef Stadler, head of Ultra High Net Worth at UBS Global Wealth Management.

“But this is just the beginning. China’s vast population, technology innovation and productivity growth combined with government support, are providing unprecedented opportunities for individuals not only to build businesses, but also to change people’s lives for the better.”

The report said China minted two new billionaires a week in 2017, among more than three a week created in Asia.

In the Americas region, the wealth of billionaires increased at a slower rate of 12 per cent to US$3.6 trillion, with the United States creating 53 new billionaires in 2017 compared to 87 five years ago.