Super-rich in Vietnam number 200

Released at: 18:05, 03/03/2017

The world’s top growth rates of ultra-wealthy people over the past decade, and forecasts for the next decade. — Graphic by Knight Frank

Knight Frank report shows increase of 320 per cent over last decade in number of super-rich individuals in Vietnam.

by Nguyen Quoc

Vietnam has 200 super-rich individuals with fortunes valued at $30 million or more, English-language newspaper Vietnam News reported on March 2.

The Wealth Report 2017 by the UK’s leading independent real estate consultancy Knight Frank shows that the number of ultra high net worth individuals (UHNWI) in Vietnam increased by 32 against 2015 and 50 against 2014. This super-rich group has increased by 320 per cent since 2006; the fastest in the world and outpacing India’s 290 per cent and China’s 281 per cent.

According to the Knight Frank report, UHNWIs are people with investable assets of at least $30 million, 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’s ultra-rich population is growing faster than any country in the world and is expected to grow the fastest to 2026, with a 170 per cent increase, taking the total to 540 people. The number of millionaires is predicted to jump from 14,300 to 38,600 over the same period.

The report reveals considerable variations 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 shocks from economic and environmental issues, the prospects for its economy remain strong, with an average annual GDP growth of around 6 per cent by 2020.

Mr. 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 healthcare, manufacturing and financial services sectors,” he said in the report.

Vietnam currently has only one dollar billionaire. Knight Frank predicts that in the next ten years the number will increase by three.