Ultra-rich people in Vietnam set to surge 26% in 2021-2026
VOV.VN - The number of ultra-rich people in Vietnam with a net worth of over US$30 million is set to pass 1,500 by 2026, a 26% increase from last year, according to the latest annual Wealth Report released by UK property consultancy Knight Frank.
The report indicates by 2026 the country is expected to have 1,551 ultra-high net worth individuals (UHNWIs), compared to 1,234 last year.
Meanwhile, Knight Frank anticipates that the number of rich people, or those with a net worth of US$1 million or more, including their primary residence, is set to rise sharply by more than 59% by 2026 from 72,135 individuals last year.
"We have witnessed prime apartment selling prices break the US$10,000 per square meter barrier this year, driven by local demand, and with Vietnam expected to increase the number of UHNWIs between 2021 and 2026 by 26%, on par with Hong Kong SAR and Taiwan, we can see the potential for ongoing growth well into the future beyond that," says Alex Crane, managing director for Vietnam of Knight Frank.
The report also notes a marked trend in terms of spending by ultra-rich and rich people on items such as watches and wine. Statistics show watch imports rose 28.2% annually in the 2016 to 2020 period, despite the impact of COVID-19.
Meanwhile, car sales and wine imports consistently maintained positive growth of 12.9% and 9.8%, respectively, between 2016 and 2019.
The report also anticipates that the global UHNW population will grow by a further 28% by 2026. Of which, Asia and Australasia are set to see the largest growth at 33%, followed by North America at 28% and Latin America at 26%.
