Vietnam tops the list of countries with the fastest growing ultra-rich population, forecast to increase 166% from 2013 to 2023, followed by Indonesia (144%), and Cote d’Ivoire (116%).

Knight Frank said that Vietnam’s recent decision to allow foreign investors to hold up to 20% of shares at banks will greatly help develop the banking system, a prerequisite to wealth development.

Additionally, the government is successfully shifting the economic model away from agriculture to more modernised technology while containing inflation, which facilitates the consolidation of growth and create opportunities to raise individual citizens’ wealth.

Pham Nhat Vuong- one of top ultra-rich in Vietnam

The country’s largest urban centre, Ho Chi Minh City, is expected to lead the list of cities, with the number of ultra-rich to triple to 246 over the next 10 years, according to Knight Frank.

Indonesia’s Jakarta will come in second with ultra-rich population increasing 148%, and China’s Ordos will finish third with 141% growth.

Russia’s St. Petersburg will take the lead among European cities while Argentina’s Buenos Aires will rank first among Latin American cities.

London had the largest number of ultra-rich worldwide last year, and the figure is forecast to double to 5,000 by 2023.