Vietnam's ultra-rich population doubles over five years

By Vien Thong   May 30, 2023 | 07:02 am PT
Vietnam's ultra-rich population doubles over five years
A woman (L) walks past as a girl poses for photographs outside a luxury store along a street in Hanoi on May 25, 2023. Photo by AFP/Manan Vatsyayana
Over 1,000 people in Vietnam were considered "ultra-rich" in 2022, nearly double the figure recorded in 2017, according to the latest report by U.K. property consultancy Knight Frank.

The annual Wealth Report by Knight Frank said there were 1,059 "ultra-rich" people in Vietnam in 2022, up from 538 in 2017, an 82% increase.

An ultra-rich person is defined by Knight Frank as someone with a net worth of at least $30 million, minus loans.

By 2027, the number of ultra-rich people in Vietnam is projected to hit 1,300, a 22% increase from 2022, and a 122% increase over the span of a decade, according to the company’s report.

Vietnam’s number of high-net-worth individuals, defined as those with assets worth at least $1 million, has also increased by 70% over the last five years, from 40,971 people in 2017 to 70,000 in 2022.

The report projected there would be over 112,200 high-net-worth individuals in Vietnam by 2027, a 173% increase over a decade.

The report said the rapidly rising number of wealthy individuals in Vietnam aligns with general trends in Asia, where similar patterns have been seen in countries like Singapore, Malaysia and Indonesia.

In the Asia-Pacific, the number of ultra-rich people increased 51% over the five years preceding 2023, the report said.

Christine Li, head of research at Knight Frank Asia Pacific, said the region has the potential for further prosperity and economic development.

In 2022, the world had over 579,600 ultra-rich people, according to Knight Frank.

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