Vietnam's super-rich population is growing faster than anywhere else
Vietnam’s ultra-rich population is growing faster than any economy in the world, and is on track to continue leading the growth in the next decade, based on a new international research.
The Wealth Report by the UK’s independent real estate consultancy Knight Frank found there are 200 ultra high net worth individuals (UHNWI) in Vietnam, who are defined as people with investable assets of at least US$30 million, excluding personal assets and property such as a primary residence, collectibles and consumer durables.
UHNWIs are the richest people in the world who control a disproportionate amount of global wealth.
 |
| Women walk next to a Louis Vuitton sign as they enter the luxury Trang Tien Plaza shopping mall in Hanoi. Photo by Reuters/Kham |
In Vietnam, this super rich group has grown by 320% between 2000 and 2006, the fastest in the world compared to India’s 290% and China’s 281%, the report said.
The number is expected to continue rising to 540, or by 170%, in 2026, the highest growth rate in the world. Millionaires in Vietnam are expected to jump to 38,600 from 14,300 over the same period.
Andrew Amoils, Head of Research at the global wealth intelligence and market research firm New World Wealth, highlighted Vietnam as the market whose “stellar” growth rate is set to reinforce “dramatic growth” of the super-rich population in Asia.
“We expect Vietnam’s millionaire numbers to be boosted by strong growth in the local healthcare, manufacturing and financial services sectors,” Amoils was quoted in the report as saying.
It also cited World Bank remarks as describing Vietnamese economy with “remarkable” transformation over the last 25 years, with economic and political reforms translating into higher incomes. The bank has projected Vietnam’s average GDP growth of around 6% annually until 2020.
Knight Frank report reflects considerable variation between UHNWIs growth rates in different regions and countries, due to local factors that underpin wealth creation and the mobility of ultra-wealthy people.
The number of ultra-wealthy people is predicted to climb by an average of 12% over the next decade in Europe, compared with a forecast 91% growth in Asia.
The number of ultra-wealthy people worldwide, which has grown 42% over the past decade, is expected to grow another 43% to 275,740 in 2020.
