At least 154 new billionaires will emerge in China during the next decade, making the country the biggest generator of billionaires, the Wealth Report 2015 said.

The report, jointly released by Knight Frank and Bank of China International last Tuesday, said China will account for two-thirds of the top 30 billionaire-producing cities in the world in the next 10 years.

The report also forecast that by 2025, Shanghai and Beijing will occupy the 4th and 6th spots, respectively, in the top 10 cities around the world with the most billionaires.

The report tracks the growing number of the super-rich in 108 cities in 97 countries, which finds that Asia overtook North America to be the second-largest region in terms of the increase in ultra-high net worth individuals in 2014.

“The rise of Asia and its subsequent impact on prime property within the region and beyond has been one of the key narratives highlighted in the Wealth Report,” said Nicholas Holt, head of research for Asia-Pacific with Knight Frank.