Leonardo DiCaprio and Martin Scorsese's fifth collaboration took £4.6 million to take the top spot ahead of last week's number one 12 Years a Slave.
Wolf of Wall Street's debut represents a significant uptick on Scorsese's last theatrically released film in the UK Hugo, which earned £1.2 million in 2011.
Steve McQueen's 12 Years a Slave managed to increase its ticket sales by £500,000 over the weekend, likely thanks to the renewed attention the film received thanks to the Academy Awards nominations.
Also benefiting from awards season buzz was Gravity, which climbed back into the top ten on the back of an IMAX re-release and 10 Oscar nominations.
Elsewhere, the chart's only other new entry was horror movie Devi's Due, earning £1 million to debut at number five.
The UK box office top ten in full:
1. (-) The Wolf of Wall Street - £4,655,984
2. (1) 12 Years a Slave - £3,055,020
3. (2) American Hustle - £1,547,249
4. (4) Frozen - £1,151,814
5. (-) Devil's Due - £1,002,627
6. (3) The Hobbit: The Desolation of Smaug - £847,078
7. (5) Last Vegas - £830,499
8. (6) The Railway Man - £776,512
9. (7) Delivery Man - £670,753
10. (-) Gravity - £497,188