Still insisting that their system is socialism with Chinese characteristics it is now very difficult to discern any difference whatsoever from capitalism with Chinese characteristics.
added 33 billionaires last year and now hosts 100, said the Forbes business magazine.
Beijing's richest resident was Zhang Yiming, the founder of video-sharing app TikTok and chief executive of its parent firm ByteDance. He saw his net worth double to $35.6bn.
Zhong Shanshan, knocking Alibaba founder Jack Ma from his mantle. Shanshan is now in top spot with wealth of $58.7bn (£46.2bn).
There are 698 billionaires in China.
The USA still leads with 724 billionaires.
India had the third-highest number of billionaires, with 140.
In total, the 1,149 billionaires from Asia Pacific were worth $4.7tn, compared with the US billionaires' $4.4 tn.