According to a new report, Vietnam is home to the world’s fastest-growing population of ultra-rich individuals.
The claim is part of UK-based global property firm Knight Frank’s 2017 Wealth Report, which compiles and analyzes data related to ultra-high net worth individuals (UHNWI), or those whose net worth exceeds US$30 million. Since 2014, the firm has consistently named Vietnam among the countries with the fastest-growing UHNWI populations.
Between now and 2026, Knight Frank researchers predict Vietnam’s number of UHNWIs will grow by 170% to reach 540 people. During the same period, the country’s population of millionaires will rise from its current 14,300 to 38,600. In Saigon alone, there are 5,900 millionaires, 260 multimillionaires and 90 UHNWIs, according to the report.
While this growth is in part due to Vietnam’s meteoric rise over the last 25 years – an economic success story to which the World Bank has referred as “remarkable”, Knight Frank notes – the growth of UHNWIs is a continent-wide phenomenon. Over the next 10 years, Asia’s UHNWI population is predicted to rise by 91%, significantly more than those in North America (31%) and Europe (12%).
In India, the UHNWI population will grow by 150% over the coming decade, while Knight Frank researchers predict China will experience a 140% increase in UHNWIs. By 2026, North America will remain the continent with the largest number of UHNWIs; however Asia will have closed the gap considerably. Today, North America is home to 27,020 more UHNWIs than Asia, while by 2026 that gap will have narrowed to only 7,680.
Still, despite Vietnam’s overall economic success, World Bank experts also warned that the country remains susceptible to “economic and environmental shocks” which could jeopardize its stability, while UHNWIs around the world have expressed concern over political uncertainty across the globe.