Vietnam's ultra-rich population to grow at fifth fastest rate in Asia–Pacific: report

By Vien Thong   March 13, 2024 | 10:33 pm PT
Vietnam's ultra-rich population to grow at fifth fastest rate in Asia–Pacific: report
A luxury fashion shop in Hanoi. Photo by VnExpress/Phuong Anh
Vietnam has the fifth fastest growing ultra-high-net-worth population in the Asia–Pacific, and their number will reach 1,000 by 2028, property consultancy Knight Frank has forecast.

The number of UHNWIs, whom it defines as those with net assets of over US$30 million, would increase by 30% from 752, its Wealth Report said.

This growth rate would surpass even that of South Korea (29.5%), Hong Kong (22.4%) and Singapore (15.7%).

In Vietnam, the number of UHNWIs rose by 2.4% last year to 752. The rate for Thailand was 0.8%. But it was lower than those of Malaysia (4.3%), Indonesia (4,2%) and Singapore (4%).

Globally, the report said the number of UHNWIs rose by 4.2% last year to 626,619, or nearly 70 very wealthy investors minted every day.

Asia was the region with the highest growth rate: 38.3%.

It is expected to remain the fastest growing in the next five years and have 228,849 UHNMIs by 2028.

Vietnam’s imports of luxury goods also grew between 2018 and 2022 -- that of jewelry by 8% per year, cars by 26%, wines by 6%, and watches by 8% -- according to Knight Frank’s Luxury Investment Index.

Wealthy individuals also invested more in foreign properties last year, with the most notable deal being the purchase of an office building on Old Broad Street in the British capital London.

The £200 million ($255.8 million) deal was in fact the largest in the office building segment in London last year.

Last month global wealth intelligence firm New World Wealth forecast that Vietnam would see a 125% surge in wealth over the next decade.

This would include the largest expansion by any country in terms of GDP per capita and number of millionaires, it said.

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