The report shows that Vietnam is set to see a sharp spike in wealth growth over the next decade as it cements its status as a global manufacturing hub. The 125 per cent increase in wealth would be the largest expansion in wealth of any country in terms of GDP per person and number of millionaires.

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.”

India, which is set to become the world’s third-largest economy by 2027, takes the second spot with an expected 110 per cent growth in wealth.

"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 county."

According to HSBC, given Vietnam's impressive development in the past 20 years, the general rise in wealth has promoted a higher propensity to consume, triggering a shift towards discretionary goods and services. Although the share of motorcycles as a mode of private transport remains high in Vietnam, with ownership of 70 per cent, car purchases have been increasing gradually.

HSBC noted that average incomes have risen faster than expenditure over the years, helping to buttress growing consumption. Meanwhile, the proliferation of an emerging middle class has not gone unnoticed by international firms that are looking to capitalise on the rising demands of Vietnamese households. A strong pickup in Japan’s foreign direct investment in Vietnam's retail and financial services is a notable example.