Vietnam’s emergence as a global manufacturing hub has helped it top a list of countries ranked by wealth growth over the past 10 years.
Wealth in Vietnam grew 210 percent between 2007 and 2017, and the country’s wealth market is predicted to continue growing another 200 percent in the next 10 years, according to a report by market research company New World Wealth and interpreted by Visual Capitalist.
Much of that growth is due to the surge in ultra high net worth individuals living in the country, defined as people with investable assets of at least $30 million, excluding personal assets and property such as a primary residence, collectibles and consumer durables.
Vietnam’s ultra-rich population is growing faster than any other economy in the world, and is on track to continue leading that growth over the next decade, based on new international research.
The Wealth Report by the independent U.K. real estate consultancy Knight Frank found there are 200 ultra high net worth individuals (UHNWI) in Vietnam
This super rich group rose by 320 percent between 2000 and 2016, the fastest in the world compared to India’s 290 percent and China’s 281 percent, the report said.
The number is expected to continue rising to 540, or by 170 percent, in 2026, the highest growth rate in the world. Millionaires in Vietnam are expected to jump to 38,600 from 14,300 over the same period.
Andrew Amoils, head of research at global wealth intelligence and market research firm New World Wealth, highlighted Vietnam as the market where “stellar” growth rate is set to reinforce “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,” Amoils was quoted in the report as saying.
It also cited World Bank remarks as describing the Vietnamese economy's “remarkable” transformation over the last 25 years, with economic and political reforms translating into higher incomes. The bank has projected average GDP growth in Vietnam of around 6 percent annually until 2020.
China saw the second highest wealth growth over the past 10 years in the world. The number of UHNWIs in China rose by 281 percent between 2000 and 2016.