In Vietnam, the rich are getting richer at a fast clip
Vietnam is the third fastest growing country in terms of ultra high net worth, a new report says.
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| A woman bikes past Trang Tien Plaza shopping mall in Hanoi. Photo by Reuters/Kham |
The World Ultra Wealth Report 2018, released recently, has ranked Vietnam third with a compound annual growth rate of 12.7% among the ultra high net worth (UHNW) population, behind Bangladesh with 17.3% and China with 13.4%.
Compiled by Wealth-X, a leading global wealth information and insight business, the report defines UHNW population as people with US$30 million or more in net worth.
Vietnam, Bangladesh and India, are expanding at a faster pace and experiencing rapid urbanization, infrastructure investment and manufacturing growth, it added.
“There were substantial increases in net worth in the Republic of Korea, Vietnam, and Indonesia, highlighting the broad improvement across Asia,” it said.
Wealth creation last year was most prevalent in Asia, with a UHNW population of almost 69,000, up 18.5% year-on-year, accounting for 27% of the world’s ultra wealthy population, the report said.
The total net worth of these people reached nearly US$8.37 trillion last year, a growth rate of 26.7% from 2016, it added.
The US remained the country with the most UHNW individuals, with almost 79,600 people, accounting for 31% of UHNW population, the report said.
