Illustrative image (Source: The Irish Times) The recent report showed that the number of ultra high net worth individuals (UHNWI) in Vietnam was up 32 against 2015, and 50 against 2014. This super-rich group increased sharply by 320 percent from 2006 to 2016, the fastest growth in the world in comparison with India’s 290 percent and China’s 281 percent.
UHNWIs are people with investable assets of at least 30 million USD, excluding personal assets and property such as a primary residence, collectibles and consumer durables. UHNWIs comprise the richest people in the world and control a disproportionate amount of global wealth.
Vietnam ultra-rich population is growing faster than any economy in the world, and is expected to see the fastest growth in its UHNWI by 2026, with a 170 percent increase in people with 30 million USD or more, taking the total up to 540. The number of millionaires is predicted to jump from 14,300 to 38,600 over the same period.
The report by Knight Frank reflects considerable variation between the growth rates of UHNWIs in different regions and countries, due to local factors that underpin wealth creation and the mobility of ultra-wealthy people.
The World Bank described the transformation of Vietnam’s economy as “remarkable”, in which economic and political reforms are leading to higher incomes. The bank also mentioned that despite the fact the country is vulnerable to the shocks of economic and environmental issues, the prospects for the economy remain strong, with an average annual GDP growth of around 6 percent by 2020.
Andrew Amoils, head of Research at New World Wealth, selected Vietnam as one of the countries with a “stellar growth rate”, contributing to the “dramatic growth” of the super-rich population in Asia. “We expect Vietnam’s millionaire numbers to be boosted by strong growth in the local health care, manufacturing and financial services sectors,” he also said in the report.
Vietnam currently has only one dollar billionaire but whose name was not disclosed. Knight Frank predicts that this number will increase by three in the next ten years.-VNA
VNA
