China boasts more billionaires

China has consolidated its position as the world's second-largest home for billionaires, with the country on track to overtake the United States by 2027, according to a new report.

A total of 190 billionaires are currently living in the Chinese mainland, while last year's figure was less than 160, said the Wealth-X and UBS Billionaire Census 2014, which was released on Wednesday.

The report said China has contributed the most to Asia's billionaire club, with 33 new members this year.

Hong Kong, in an ideal location to access the Chinese mainland and Southeast Asia, is the Asian city with the most billionaires. More billionaires are expected to use the financial hub as a strategic base as Asia's economic might continues to expand, said the report.

Beijing, the city in Asia with the second-most billionaires, is home to 37 billionaires with combined total of $98 billion. Billionaires in Beijing, according to the report, are noted for being self-made and young.

The Beijing billionaires, the report continued, have an average age of 51 and also have more opportunities and time to help generate more billionaires.