Vietnam has over 12,000 USD millionaires: wealth report

By Vuong Duc Anh April 29, 2016 | 11:55 pm PT

Vietnam has about 12,000 millionaires with $1 million or more in net assets, a number which has increased by 354 percent in 10 years, from 2005 to 2015, according to the Wealth Report 2016 surveyed by Knight Frank, one of the world's largest global property consultancies.

According to the report’s wealth bracket data, in 2015, Vietnam had 520 millionaires with $10 million or more in net assets, while the respective figures for Vietnamese with over $30 million and $100 million in net assets were 168 and 18. The country currently has one billionaire, Pham Nhat Vuong, founder and chairman of Vingroup, one of Vietnam's largest conglomerates.

The report predicts that another billionaire is set to be created in the country and the population of millionaires in Vietnam will increase almost three fold by 2025 to about 30,000.

There are now more than 13 million millionaires across the globe, up from 8.7 million in 2005, the report said. These individuals, with assets ranging from over one million to billions of dollars, hold net assets worth around US$66 trillion – more than the value of all global equities.

Over the next decade more than one million new millionaires are expected to be created in each of the world’s three main regional wealth hubs - Asia (+1.6mln), North America (+1.4mln) and Europe (+1mln). However, at a country level, the U.S. is still striding way out in front with 1.25 million millionaires set to be created, compared with 490,500 in China, 253,500 in the U.K. and 247,800 in India. By 2025 the global population of millionaires will be more than 18 million.

A 71% surge in the number of Asian billionaires over the next decade will take the total to 832, nearly neck and neck with the US, where the population by then will be 840 while Europe is forecast to be home to around 569 billionaires in 2025.