Despite slowing growth in Asia, the region churned out the highest number of billionaires globally in 2013, a stark contrast to Europe - the only region that saw a decline in its ultrawealthy population.
Asia's billionaire population grew by 18 individuals to 508 in 2013; their total wealth rose 13 percent to $1.19 trillion, according to the Wealth-X and UBS Billionaire Census 2013. Meanwhile, the number of European billionaires declined by 29 individuals to 766; their collective wealth, however, rose by 3.7 percent to $2.12 trillion.
"Asia is the region that is driving the tectonic shifts in wealth; the total billionaire wealth in Asia has increased the fastest of any region," the report said.
(Read more: China's rich buying up yacht companies)
Overall, the global billionaire population amounted to 2,170 individuals, with their total combined wealth rising 5.3 percent on-year to $6.5 trillion. The average wealth of billionaires stands at $3 billion.