Australia has become the international luxury destination of choice for wealthy Chinese tourists, according to a recent report.

The tenth annual edition of the Hurun Report Chinese Luxury Consumer Survey 2014 has revealed that France has been knocked off the top spot and into second place for the first time in three years by the Australasian country. Meanwhile, luxury destination Dubai jumped from eighth place last year to become the third favorite holiday spot.

The USA and Singapore, ranked second and third favorite luxury destinations last year, have fallen to sixth and ninth places respectively, while the UK is no longer in the top ten. Japan and New Zealand are becoming increasingly popular, reaching seventh and tenth place respectively.

When it comes to ‘staycationing’, China’s wealthiest tourists continue to prefer to stay in Sanya, a coastal town in Hainan Province, followed by Hong Kong. Tibet, Yunnan and Macau make up the top five, with Macau becoming particularly popular with the nation’s elite super-rich circle.