Billionaires’ wealth enjoyed its greatest-ever increase in 2017, rising 19% to US$8.9 trillion shared among 2,158 individuals, according to a report published Friday from Zurich-based UBS Group and PricewaterhouseCoopers (PwC).

The joint Billionaires Insights report finds Chinese billionaires expanded their wealth at nearly double the pace of growth in the Americas and Europe, growing by 39% to US$1.12 trillion.

There were only 16 Chinese billionaires in 2006, the report says, but that population has now grown to 373, accounting for nearly 20% of the global total. There were 89 new Chinese billionaires minted in 2017 alone, the report adds, and almost all of them (97%) are self-made.

“Over the last decade, Chinese billionaires have created some of the world’s largest and most successful companies, raised living standards. 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,” says Josef Stadler, head of ultra high net-worth at UBS Global Wealth Management, in a statement.

In the Americas, wealth increased slower than the global rate at 12% to US$3.6 trillion but still boasts the biggest wealth concentration from the tech industry by far.

Currency appreciation saw Western European billionaires’ wealth grow by 19%, but the number of billionaires rose by just 4% to 414.

Overall, there were 199 new self-made billionaires created in 2017, including entrepreneurs operating in the emerging blockchain, peer-to-peer lending, genomics and green energy sectors.

A major wealth transition has begun, according to the report. 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. This is almost 40% of current billionaire wealth (US$3.4 trillion) worldwide/

Younger billionaires are the driving force behind a growth in philanthropy and sustainable investing, as they use their wealth to create positive social impact. More than one third (38%) of family offices are now engaged in sustainable investing, and almost half (45%) plan to increase their sustainable investments in the next 12 months.