Vietnam gains most in new global wealth report

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The number of ultra-rich grew the most in Vietnam in the past decade

The newest edition of the annual Knight Frank Wealth Report found that wealth creation in Vietnam has been accelerating at the fastest pace of all countries globally over the past decade, ahead of India and China. According to the report, the number of ultra-high-net-worth individuals grew by 320 per cent from 2006 to 2016 and is forecast to grow further at a record pace by 170 per cent until 2026.

Vietnam has now 200 people with investable fortunes valued at $30 million or more, excluding personal assets and property such as a primary residence, collectibles and consumer durables. Until 2026, the number is expected to rise to 540 individuals, while the the number of Vietnamese millionaires is predicted to jump from 14,300 to 38,600 over the same period.

However, all but one super-rich in Vietnam are “only” multi-millionaires. So far, Vietnam has only one billionaire, real estate tycoon and Vingroup chairman Pham Nhat Vuong whose net worth is $2.5 billion, according to Forbes.

Andrew Amoils, head of research at New World Wealth, a global wealth intelligence and market research company that contributed to the report, defines Vietnam as one of the countries with a “stellar growth rate”, contributing to the “dramatic growth” of the super-rich population in Asia.

“We expect Vietnam’s millionaire numbers to be boosted by strong growth in the local healthcare, manufacturing and financial services sectors,” he said.

The World Bank describes the transformation of Vietnam’s economy as “remarkable”, with economic and political reforms leading to higher per capita incomes. The bank adds that prospects for the economy remain strong, with an average annual GDP growth of around six per cent by 2020.

Within Asia, Hong Kong has the largest concentration of wealthy population, while Singapore holds that title within Southeast Asia.

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Reading Time: 1 minute

The number of ultra-rich grew the most in Vietnam in the past decade

The newest edition of the annual Knight Frank Wealth Report found that wealth creation in Vietnam has been accelerating at the fastest pace of all countries globally over the past decade, ahead of India and China. According to the report, the number of ultra-high-net-worth individuals grew by 320 per cent from 2006 to 2016 and is forecast to grow further at a record pace by 170 per cent until 2026.

Reading Time: 1 minute

The number of ultra-rich grew the most in Vietnam in the past decade

The newest edition of the annual Knight Frank Wealth Report found that wealth creation in Vietnam has been accelerating at the fastest pace of all countries globally over the past decade, ahead of India and China. According to the report, the number of ultra-high-net-worth individuals grew by 320 per cent from 2006 to 2016 and is forecast to grow further at a record pace by 170 per cent until 2026.

Vietnam has now 200 people with investable fortunes valued at $30 million or more, excluding personal assets and property such as a primary residence, collectibles and consumer durables. Until 2026, the number is expected to rise to 540 individuals, while the the number of Vietnamese millionaires is predicted to jump from 14,300 to 38,600 over the same period.

However, all but one super-rich in Vietnam are “only” multi-millionaires. So far, Vietnam has only one billionaire, real estate tycoon and Vingroup chairman Pham Nhat Vuong whose net worth is $2.5 billion, according to Forbes.

Andrew Amoils, head of research at New World Wealth, a global wealth intelligence and market research company that contributed to the report, defines Vietnam as one of the countries with a “stellar growth rate”, contributing to the “dramatic growth” of the super-rich population in Asia.

“We expect Vietnam’s millionaire numbers to be boosted by strong growth in the local healthcare, manufacturing and financial services sectors,” he said.

The World Bank describes the transformation of Vietnam’s economy as “remarkable”, with economic and political reforms leading to higher per capita incomes. The bank adds that prospects for the economy remain strong, with an average annual GDP growth of around six per cent by 2020.

Within Asia, Hong Kong has the largest concentration of wealthy population, while Singapore holds that title within Southeast Asia.

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