Vietnam has 1,059 ultra-high net worth individuals with assets over 30 million USD. With this number, Vietnam ranks second in the ASEAN-6 group in terms of the number of super-rich individuals, just behind Singapore.
The annual Wealth Report by Knight Frank indicates that Vietnam had 1,059 ultra-high net worth individuals in 2022, an increase from 538 individuals in 2017, equivalent to 82%. With this number, Vietnam ranks second in the ASEAN-6 group, only after Singapore.
According to this report, by 2027, the number of super-rich individuals in Vietnam is expected to reach 1,300, a 22% increase from 2022 and a 122% increase over the course of a decade.
The number of USD millionaires in Vietnam has also increased by 70% over the past 5 years, from 40,971 individuals in 2017 to 69,994 individuals in 2022, ranking fourth among the ASEAN-6 group, behind Singapore, Thailand, Malaysia, and ahead of Indonesia and the Philippines.
The report predicts that Vietnam will have over 112,200 millionaires by 2027, a more than 60% increase from 2022 and a 173% increase from 2017.
Knight Frank evaluates that the rapid increase in the number of wealthy individuals in Vietnam aligns with the general trend in Asia, where similar patterns have been observed in countries such as Singapore, Malaysia, and Indonesia.
According to Knight Frank, there were over 579,600 super-rich individuals worldwide in 2022.
An ultra-high-net-worth individual (UHNWI) is someone with a net worth of at least $30 million.
From 2020 to 2025, the ranks of the ultra-wealthy will grow by 27%, according to Knight Frank. Asia will see the most growth (39%), followed by Africa (33%). The U.S. will continue to have the most UHNWIs by 2025, adding 24% super-rich individuals.
Eighty-five percent of ultra-high-net-worth wealth is held by people 50 and older, and a majority are men, according to a report published by the Milken Institute in 2020. Only one in seven are women, but that number is on the rise. Among those below the age of 50, women account for almost one in five.
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Source: Vietnam Insider