Millionaire population surges in communist Vietnam

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Bentley vietnamThe number of extremely wealthy individuals in Vietnam has grown 14.7 per cent in 2013 over 2012, the second fastest growth rate in Southeast Asia after Thailand, according to a new report by private-wealth intelligence firm Wealth-X and Switzerland-based UBS bank.

In the country, there are now 195 ultra-high net work individuals (UHNW – defined as those with assets of $30 million and up) controlling a combined $20 billion worth of assets, compared to 170 individuals with a total wealth of $19 billion in 2012.

The richest Vietnamese is Pham Nhat Vuong who has become the first Vietnamese billionaire to enter Forbes’ list of world’s richest individuals in 2013, with total assets of $1.5 billion. Vuong is majority owner of Hanoi-based property conglomerate Vingroup.

Among surveyed regional countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam, the biggest growth of UHNW population was recorded in Thailand, with a year-on-year increase of 15.2 per cent, from 625 in 2012 to 720 individuals this year. Vietnam and Indonesia follow with a year-on-year growth rate of 14.7 per cent and 10.2 per cent, respectively.

There are about 865 UNHWs with $130 billion worth of assets in Indonesia, up from 785 individuals with a total wealth of $120 billion in 2012.

Wealthy Singapore saw its population of UHNW individuals increasing by a modest 3.8 per cent. However, the report predicts that the significance of Singapore as a destination for the world’s wealthy to both park and manage their assets will continue to grow, citing low personal tax rates and tax exemption.

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Reading Time: 1 minute

The number of extremely wealthy individuals in Vietnam has grown 14.7 per cent in 2013 over 2012, the second fastest growth rate in Southeast Asia after Thailand, according to a new report by private-wealth intelligence firm Wealth-X and Switzerland-based UBS bank.

Reading Time: 1 minute

Bentley vietnamThe number of extremely wealthy individuals in Vietnam has grown 14.7 per cent in 2013 over 2012, the second fastest growth rate in Southeast Asia after Thailand, according to a new report by private-wealth intelligence firm Wealth-X and Switzerland-based UBS bank.

In the country, there are now 195 ultra-high net work individuals (UHNW – defined as those with assets of $30 million and up) controlling a combined $20 billion worth of assets, compared to 170 individuals with a total wealth of $19 billion in 2012.

The richest Vietnamese is Pham Nhat Vuong who has become the first Vietnamese billionaire to enter Forbes’ list of world’s richest individuals in 2013, with total assets of $1.5 billion. Vuong is majority owner of Hanoi-based property conglomerate Vingroup.

Among surveyed regional countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam, the biggest growth of UHNW population was recorded in Thailand, with a year-on-year increase of 15.2 per cent, from 625 in 2012 to 720 individuals this year. Vietnam and Indonesia follow with a year-on-year growth rate of 14.7 per cent and 10.2 per cent, respectively.

There are about 865 UNHWs with $130 billion worth of assets in Indonesia, up from 785 individuals with a total wealth of $120 billion in 2012.

Wealthy Singapore saw its population of UHNW individuals increasing by a modest 3.8 per cent. However, the report predicts that the significance of Singapore as a destination for the world’s wealthy to both park and manage their assets will continue to grow, citing low personal tax rates and tax exemption.

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