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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.
While Asia is home to the fastest growing pool of billionaires, the U.S. remained the billionaire capital of the world, with 515 billionaires, more than three times that of China, which ranks second with 157 billionaires.
After the U.S. and China, Germany, the U.K. and Russia have the most billionaires, ranking third, fourth and fifth, respectively.
(Read more: Hottest luxury market isn't what you think it is)
The report, which also looked at the profiles of the world's richest individuals, showed that 87 percent of billionaires are males, and 86 percent of the overall population is married.
In terms of their possessions, the average billionaire owns four homes, with each worth nearly $20 million. The most common luxury holding among the ultra-wealthy is yachts, followed by private jets and art.
With Billionaires moving in tight circles, the report also examined what the average social calendar of the ultrawealthy might look like.
(Read more: China's 2% account for third of world luxe sales)
Events on the calendar ranged from the World Economic Forum in Davos, Switzerland in January to the Cannes Film Festival in May and Melbourne Cup in November.
"Many within this group of global elite congregate year after year at the world's most exclusive events, usually known for their glamour, extravagance, political significance, or all three," the report said.
"Time and space are rarely boundaries for the world's billionaires, many of whom have a private jet or two, a super yacht and other comfortable and speedy modes of transport, not to mention several homes dotted around the globe. As a result, billionaires will travel the circuit during busy times in the social calendar."
—By CNBC's Ansuya Harjani; Follow her on Twitter: .