The number of ultra-rich persons in the country, whose net wealth exceeds 30 million USD, rose from 583 in 2017 to 1,059 in late 2022. The figure is forecast to hit 1,295 in the next five years.
And the good news doesn't stop there. The group of individuals with a net worth in excess of 1 million USD also expanded by 70%, and is expected to reach more than 112,250 persons in 2027.
The expansion of the well-off class in Vietnam was echoed by the growing wealth in Malaysia, Indonesia, and Singapore, which were three of the top 10 fastest-growing wealth hubs in the world.
The three countries saw their wealthy populations expand by around 7 to 9% between 2021 and 2022. This comes despite the wider Asia-Pacific region experiencing a 5.7% decline.
Christine Li, Knight Frank head of research Asia-Pacific, said the Asia-Pacific population of ultra-high-net-worth individuals declined by 5.7% in 2022, after a record climb of 7.5% in the previous year.
In spite of that, three out of 10 markets were witnessing the fastest-growing ultra-rich groups globally, with annual growth rates of between 7 to 9%.
"Taking the longer view, the wealth story remains compelling as the region will continue to lead the pack in the unending wealth expansion with plenty more opportunities for ultra-high-net-worths to discover," Christine Li said.
The world's ultra-rich population contracted by 3.8% in 2022 after a record climb in 2021. The up-and-down fluctuation in the top income bracket was indicative of the global economic situation, which saw a strong rebound in 2021 and then a reversal in 2022.
Over the next five years, Knight Frank forecast that the global ultra-rich groups would expand by 28.5% to almost three-quarters of a million from 579,625 persons in 2022. The headcounts of high-net-worth individuals would follow suit to surpass 100 million globally in the same period.
Victoria Garrett, Knight Frank head of residential Asia-Pacific, said the top 10 global locations for forecast growth were dominated by European and Asian economies.
The region’s economic growth story would remain urban-centric, and its residential investment landscape would continue to be defined by its prime urban cores.
"Underpinned by its high rates of urbanisation, investors can look forward to a more sustainable growth trajectory and wealth preservation profile,” Victoria Garrett said.
