Number of extremely rich Vietnamese people goes up

This is seven more than the number of ultra-high net worth (UHNWI) individuals in Vietnam last year, according to Knight Frank’s Wealth Report 2019.

The report documents different aspects of the world’s wealthiest people, including wealth concentration, geopolitical shifts, and luxury spending trends.

Knight Frank also forecasts that the number of extremely rich individuals in Vietnam, the UHNWIs, is set to grow at the fastest rate in the world, increasing by a total of 31 percent in the next 5 years.

It says Vietnam had 12,327 millionaires in 2018, up 5 percent from the previous year. In 2023, this figure is projected to reach 15,776 people.

The firm believes that despite a darkening global economic outlook, wealth creation will remain a constant in 2019.

Accordingly, the world has over 200,000 extremely rich people, of which over two-thirds are concentrated in Europe (70,627 people), North America (51,912 people), and Asia (48,245).

While Europe has the largest number of super-rich people, the growth rate of this population segment is the highest in Asian economies, with India (39 percent), the Philippines (38 percent), and China (35 percent) in the lead.

The global UHNWI population is forecast to rise by 22 percent over the next five years, meaning an extra 43,000 people will be worth more than $30 million by 2023.