China will be experiencing a yet another boom in the next decade, with its number of new billionaires hitting 154 in the next 10 years, the Wealth Report 2015 said. If this happens, China will become the country with the biggest growth in the number of new billionaires.

The new breed of billionaires, labelled as ultra-high-net-wealth individuals, or UHNWIs, have oer US$30 million in net assets that doesn’t include their main residences, the report said. The report monitors the growing number of the super-rich in 108 cities across 97 countries. It analyses these nations, its states and cities in terms of importance and the phenomenon of the rise in the number of super-rich individuals. The report likewise provides insights on foreign real estate investment and the prime international residential markets.

The report, jointly released by real estate consultancy Knight Frank and Bank of China International, stressed the residential sector was a strong element factored in the research. "The rise of Asia in the growth of wealth is certainly impacting prime residential markets across Asia and Australasia (Australia and New Zealand), with the region's key cities and second-home destinations seeing strong price growth over the last five years," Nicholas Holt, head of research for Asia-Pacific at Knight Frank, said. “This is despite interventions by policy-makers in a number of markets."

By region in 2014, Asia had zoomed past North America as the region with the second-buggest increase in UHNWIs, the report said. It was second to Europe.

In 2015, Hong Kong ranked first as the most important cities in Asia to the world’s UHNWIs. "Over the next 10 years, cities in Greater China are expected to see great boost in importance. Come 2025, Hong Kong will continue to rank third in the top 10 Global Cities, Beijing will be in sixth place while Shanghai will maintain its fifth position," David Ji, Director and Head of Research and Consultancy for Greater China, said.

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