Number of ultra-high-net-worth individuals in Viet Nam doubles in five years
VGP - Viet Nam had over 1,059 ultra-high-net-worth individuals (UHNWIs) in 2022, doubling the figure recorded in 2017, according to the latest report by British property consultancy Knight Frank.
In the annual Wealth Report by Knight Frank, an UHNWI has a net worth of US$30 million or more, including the primary residence.
By 2027, the number of ultra-rich people in Viet Nam is predicted to hit 1,300, up 22 percent against in 2022, and a 122 percent increase over the recent decade, according to the company's report.
Viet Nam's number of high-net-worth individuals, defined as those with assets worth at least US$1 million, has also increased by 70 percent over the last five years, from 40,971 people in 2017 to 70,000 in 2022.
The report forecasted that Viet Nam would be home to 112,200 high-net-worth individuals by 2027, a 173 percent increase over a decade.
The rapidly rising number of wealthy individuals in Viet Nam aligns with general trends in Asia, where similar patterns have been seen in countries like Singapore, Malaysia and Indonesia, noted Knight Frank.