Viet Nam has 200 super-rich people

The world’s top growth rates of ultra-wealthy people over the past decade, and forecasts for the next decade.-Graphic by Knight Frank

The recent report showed that the number of ultra high net worth individuals (UHNWI) in Viet Nam was up 32 against 2015, and 50 against 2014. This super-rich group increased sharply by 320 per cent from 2006 to 2016, the fastest growth in the world in comparison with India’s 290 per cent and China’s 281 per cent.

UHNWIs are people with investable assets of at least $30 million, excluding personal assets and property such as a primary residence, collectibles and consumer durables. UHNWIs comprise the richest people in the world and control a disproportionate amount of global wealth.

Viet Nam’s ultra-rich population was growing faster than any economy in the world, and was expected to see the fastest growth in its UHNWI by 2026, with a 170 per cent increase in people with $30 million or more, taking the total up to 540. The number of millionaires is predicted to jump from 14,300 to 38,600 over the same period.

The report by Knight Frank reflects considerable variation between the growth rates of UHNWIs in different regions and countries, due to local factors that underpin wealth creation and the mobility of ultra-wealthy people.

The World Bank described the transformation of Viet Nam’s economy as “remarkable”, in which economic and political reforms are leading to higher incomes. The bank also mentioned that despite the fact the country is vulnerable to the shocks of economic and environmental issues, the prospects for the economy remain strong, with an average annual GDP growth of around 6 per cent by 2020.

Andrew Amoils, Head of Research at New World Wealth, selected Viet Nam as one of the countries with a “stellar growth rate”, contributing to the “dramatic growth” of the super-rich population in Asia. “We expect Viet Nam’s millionaire numbers to be boosted by strong growth in the local healthcare, manufacturing and financial services sectors,” he also said in the report.

Viet Nam currently has only one dollar billionaire but whose name was not disclosed. Knight Frank predicts that this number will increase by three dollar billionaires in the next ten years.