Illustrative image (Source: The Irish Times) Therecent report showed that the number of ultra high net worth individuals(UHNWI) in Vietnam was up 32 against 2015, and 50 against 2014. Thissuper-rich group increased sharply by 320 percent from 2006 to 2016, thefastest growth in the world in comparison with India’s 290 percent and China’s281 percent.
UHNWIs arepeople with investable assets of at least 30 million USD, excluding personalassets and property such as a primary residence, collectibles andconsumer durables. UHNWIs comprise the richest people in the world andcontrol a disproportionate amount of global wealth.
Vietnamultra-rich population is growing faster than any economy in the world, and is expectedto see the fastest growth in its UHNWI by 2026, with a 170 percent increase inpeople with 30 million USD or more, taking the total up to 540. The number ofmillionaires is predicted to jump from 14,300 to 38,600 over the same period.
The report by Knight Frank reflects considerable variation between the growthrates of UHNWIs in different regions and countries, due to local factors thatunderpin wealth creation and the mobility of ultra-wealthy people.
The WorldBank described the transformation of Vietnam’s economy as “remarkable”, inwhich economic and political reforms are leading to higher incomes. The bankalso mentioned that despite the fact the country is vulnerable to the shocks ofeconomic and environmental issues, the prospects for the economy remain strong,with an average annual GDP growth of around 6 percent by 2020.
AndrewAmoils, head of Research at New World Wealth, selected Vietnam as one of thecountries with a “stellar growth rate”, contributing to the “dramatic growth”of the super-rich population in Asia. “We expect Vietnam’s millionaire numbersto be boosted by strong growth in the local health care, manufacturing andfinancial services sectors,” he also said in the report.
Vietnam currently hasonly one dollar billionaire but whose name was not disclosed. Knight Frankpredicts that this number will increase by three in the next ten years.-VNA
VNA
