Vietnam’s UHNWI population stood at 752 in 2023 compared with 734 in 2022, meaning 18 people joined the ranks of the “ultra-wealthy” last year.

Knight Frank predicts the number of wealthy individuals in Vietnam to rise by 30 per cent during the five years to 2028, bringing the total number of UHNWIs to 978.

That shift in outlook for interest rates, the robust performance of the US economy and a sharp uptick in equity markets have helped wealth creation globally. At the end of 2023, there were 4.2 per cent more UHNWIs than a year earlier, with nearly 70 very wealthy investors minted every day, taking the global total to just over 626,600.

Growth was led by North America (up 7.2 per cent) and the Middle East (6.2 per cent), with only Latin America seeing its number of wealthy individuals fall. While Europe lagged in terms of new wealth generation, the continent remains home to the wealthiest 1 per cent.

The report pointed out that despite slower global growth this year, the revival of wealth creation looks set to remain.

“We confirm our expectation that the number of wealthy individuals globally will rise by 28.1 per cent during the five years to 2028. Our model points to strong outperformance from Asia, with high growth in India (50 per cent) and the Chinese mainland (47 per cent) in particular,” says the report.

Vietnam is also forecast to see a 125 per cent increase in wealth over the next 10 years. The increase in wealth would be the largest expansion in wealth of any country in terms of GDP per person and number of millionaires, according to a report by global wealth intelligence firm New World Wealth and investment migration advisors Henley & Partners.

Andrew Amoils, head of research at New World Wealth, said, “Vietnam is an increasingly popular manufacturing base for multinational tech, automotive, electronics, and garments and textiles groups.”

"Vietnam is home to 19,400 millionaires, with 58 centimillionaires, and is seen as a relatively safe nation compared with others in the Asia-Pacific region," Amoils said. "This provides companies with an extra incentive to set up manufacturing operations in the country."