Number of extremely rich Vietnamese shows world’s third-fastest growth

By Nguyen Quy March 6, 2020 | 06:00 pm PT

Shoppers at a mall in Ho Chi Minh City. Photo by VnExpress.

The number of Vietnam’s extremely rich will experience the world’s third fastest increase in the next five years, at 64 percent, Knight Frank reports.

Vietnam had 458 people with a net worth of above $30 million in 2019, up 7 percent from a year ago, according to global property consultant Knight Frank’s Wealth Report 2020 released this week.

The report also forecasts the number of ultra-high net worth (UHNWI) individuals in Vietnam is projected to hit 753 by 2024, with a five-year growth rate of 64 percent, the third highest growth among UHNWI populations after India (73 percent) and Egypt (66 percent).

"It’s exciting to see how wealth is developing across Asia and, with the number of ultra-wealthy in India, Vietnam, China and Malaysia outpacing many other markets over the next five years," said Liam Bailey, Knight Frank’s global head of research.

Other countries expected to see fastest growth in UHNWI populations during the next five years include China, Indonesia, Tanzania, Sweden, Romania, New Zealand and Malaysia.

The report revealed Vietnam had five billionaires by the end of 2019, with the figure expected to rise to six in 2024.

Meanwhile, Vietnam had 25,727 millionaires last year, up 12 percent from a year ago.

The report is based on responses provided during October and November 2019 by 620 private bankers and wealth advisors who manage over $3.3 trillion of wealth for UHNWI clients spread across 200 countries and territories.

In 2019, the world’s UHNWI population was 513,244, rising 6.4 percent against the previous year, with the figure expected to increase by 27 percent in the next five years, taking the total to 649,331.

The U.S. tops the ranking, with 240,575 UHNWIs last year, more than Europe and Asia combined, constituting almost half the global total.

China ranks second with 61,587, followed by Germany (23,078), France (18,776), and Japan (17,013).

Overall numbers of the ultra-wealthy elite included in the report increased significantly compared to 2018, after Knight Frank changed its methodology to include the value of individuals’ homes. Property makes up almost a third (27 percent) of the total wealth owned by the ultra-rich.