By Viet Nam News
Asia News Network
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 per cent from 2006 to 2016, the fastest growth in the world in comparison with India’s 290 per cent and China’s 281 per cent.
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.
The ultra-rich population in Vietnam is growing faster than anywhere else in the world, and is expected to accelerate further until 2026, with a 170 per cent increase in people with $30 million or more, to 540 individuals. The number of Vietnamese 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 describes the transformation of Vietnam's economy as “remarkable”, with economic and political reforms leading to higher per capita incomes. The bank adds that prospects for the economy remain strong, with an average annual GDP growth of around 6 per cent 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 healthcare, manufacturing and financial services sectors,” he said in the report.
Vietnam currently has only one dollar billionaire, whose name has not been disclosed. Knight Frank predicts that this will increase to three dollar billionaires in the next 10 years.