Hong Kong will become the premiere destination of Asia's wealthy in the next decade displacing Singapore, according to a new report.

The 2014 Wealth Report by UK real estate consultancy Knight Frank said that amid the economic success stories across Asia, China's dominance is inevitable.

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"Despite the proliferation of economic success stories across Asia, the dominance of China is unavoidable and Hong Kong's unofficial role as the portal between its big brother and the rest of the world will ensure the growing dominance of the city over the next decade," the report said.

The consultancy firm based its report on a survey of the attitudes of more than 23,000 ultra-wealthy individuals with net worth of US$68 million and investable assets of US$30 million or more.

WealthInsight, a website that tracks data on ultra high net worth individuals or UHNWI, predicts that the number of billionaires in China will rise 80 per cent by 2024.

As China's wealth increases, its drive to give back to society becomes topmost in its agenda.

"Many UHNWI in China are definitely searching for new ways to give more back to society," said Lawrence Wong,  head of business for private banking at Bank of China International Ltd, who is a member of Knight Frank's global wealth panel.

Along with its philanthropic projects, China engages itself in luxury-goods spending based on the records of  the luxury car brand Rolls Royce.

The report quoted Torsten Muller-Otvos, CEO of Rolls-Royce Motor Cars, as saying that based on the record of the prestigious automaker, its 2013 performance was driven by emerging markets, with sales up 11 per cent in China.