Global real estate company Knight Frank reveals the number of ultra-high-net-worth individuals in Vietnam’s HCM City is expected to triple by 2023, from 90 to 246, the largest increase along more than 80 cities worldwide.

Illustrative photo. The Saigon River in HCM City at night

The company’s report highlights that the business environment in HCM City is booming and becoming increasingly appealing to foreign investors.

According to the Municipal Department of Planning and Investment, HCM City attracted 477 new foreign direct investment (FDI) projects with a total registered investment capitalisation of US$1.05 billion in 2013, up 76.72% in value compared to the previous year.

To date, the city has housed 4,924 valid FDI projects capitalised at US$33.5 billion. Of which, 3,811 projects are wholly foreign-invested and 1,067 projects are joint-venture.

Singapore pumped the highest FDI capital into HCM City, followed by Malaysia, and the Republic of Korea. The  main areas of investment were real estate, industry, trade, transport, and construction.

The Knight Frank report predicts Singapore will surpass Japan to become the Asian country with the largest number of wealthy people in 2023.