The number of people with at least $30 million is expected to surge by a further 50 per cent in the coming decade, with Asia and Latin America leading in terms of wealth creation - although London and New York will hold their top space as destinations for the wealthy until at least 2033, it said.

The number of billionaires in Asia is expected to rise by 119 per cent between 2012 and 2022, reaching 1,191 in nine years from now, the fastest percentage rate of any major region. Africa is in second place in the rate, at 117 per cent, albeit from a relatively low base.

The top 10 countries for billionaires are, in descending order, the US; China; Germany; UK; India; Brazil; Russia; Hong Kong; Indonesia and Switzerland. 

The report was compiled among wealth advisors, whose 15,000 clients collectively have assets worth $1 trillion. As part of the study, an index tracking performance of luxury property prices across 80 locations showed that Jakarta and Bali reported the highest growth (38 per cent and 20 per cent respectively), while the tiny state of Monaco remained the most expensive place to buy property. A home there can range in value between $5,350 to 5,920 per square foot, the report said.

Among other details, the report noted that the prices paid for classic cars have surged by 395 per cent over the past 10 years when measured against other collectibles, such as art, in the Knight Frank Luxury Investment Index. The basket of collectible assets covering art, fine wine and classic cars has posted cumulative gains of 175 per cent over 10 years, with a 6 per cent rise in 2012 alone.