Forget trade wars. U.S. and China compete for most billionaires

That surge comes largely from two places: Asia, specifically China, and the U.S.

The U.S. added 53 new billionaires in 2017 — a 4 percent increase — bringing its total to 585. That represents $125 billion in total wealth.

But China’s billionaire population grew at a faster clip — two new billionaires per week. The country added 106 new billionaires over the course of the year, while 51 fell off the list, “illustrating the risks of doing business in China,” the report said.

As a result, China added 55 net new billionaires for a total of 373 in 2017. In 2006, the country had just 16 billionaires.