A Louis Vuitton store in Hanoi, a shopping destination for high-income earners (Photo:vn.louisvuitton.com) The number of ultra-rich persons in the country, whose net wealth exceeds 30million USD, rose from 583 in 2017 to 1,059 in late 2022. The figure isforecast to hit 1,295 in the next five years.
And the good news doesn't stop there. The group of individuals with a net worthin excess of 1 million USD also expanded by 70%, and is expected to reach morethan 112,250 persons in 2027.
The expansion of the well-off class in Vietnam was echoed by thegrowing wealth in Malaysia, Indonesia, and Singapore, which were three of thetop 10 fastest-growing wealth hubs in the world.
The three countries saw their wealthy populations expand by around7 to 9% between 2021 and 2022. This comes despite the wider Asia-Pacific regionexperiencing a 5.7% decline.
Christine Li, Knight Frank head of research Asia-Pacific, said theAsia-Pacific population of ultra-high-net-worth individuals declined by 5.7% in2022, after a record climb of 7.5% in the previous year.
In spite of that, three out of 10 markets were witnessing the fastest-growingultra-rich groups globally, with annual growth rates of between 7 to 9%.
"Taking the longer view, the wealth story remains compelling as the regionwill continue to lead the pack in the unending wealth expansion with plentymore opportunities for ultra-high-net-worths to discover," Christine Lisaid.
The world's ultra-rich population contracted by 3.8% in 2022 after a recordclimb in 2021. The up-and-down fluctuation in the top income bracket wasindicative of the global economic situation, which saw a strong rebound in 2021and then a reversal in 2022.
Over the next five years, Knight Frank forecast that the global ultra-richgroups would expand by 28.5% to almost three-quarters of a million from 579,625persons in 2022. The headcounts of high-net-worth individuals would follow suitto surpass 100 million globally in the same period.
Victoria Garrett, Knight Frank head of residential Asia-Pacific, said the top10 global locations for forecast growth were dominated by European and Asianeconomies.
The region’s economic growth story would remain urban-centric, and itsresidential investment landscape would continue to be defined by its primeurban cores.
"Underpinned by its high rates of urbanisation, investors can look forwardto a more sustainable growth trajectory and wealth preservation profile,”Victoria Garrett said./.
In spite of that, three out of 10 markets were witnessing the fastest-growingultra-rich groups globally, with annual growth rates of between 7 to 9%.
"Taking the longer view, the wealth story remains compelling as the regionwill continue to lead the pack in the unending wealth expansion with plentymore opportunities for ultra-high-net-worths to discover," Christine Lisaid.
The world's ultra-rich population contracted by 3.8% in 2022 after a recordclimb in 2021. The up-and-down fluctuation in the top income bracket wasindicative of the global economic situation, which saw a strong rebound in 2021and then a reversal in 2022.
Over the next five years, Knight Frank forecast that the global ultra-richgroups would expand by 28.5% to almost three-quarters of a million from 579,625persons in 2022. The headcounts of high-net-worth individuals would follow suitto surpass 100 million globally in the same period.
Victoria Garrett, Knight Frank head of residential Asia-Pacific, said the top10 global locations for forecast growth were dominated by European and Asianeconomies.
The region’s economic growth story would remain urban-centric, and itsresidential investment landscape would continue to be defined by its primeurban cores.
"Underpinned by its high rates of urbanisation, investors can look forwardto a more sustainable growth trajectory and wealth preservation profile,”Victoria Garrett said./.
VNA
