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Report: Growth of Vietnam’s Ultra-Wealthy Fastest in the World

When Vietnam adopted a free-market(ish) economy in the mid-1990s, it experienced an influx of wealth unlike the country had ever seen. In turn, a substantial wealthy class has taken shape as evidenced by the glut of luxury cars and glamorous villas found throughout Vietnam’s cities. And according to some analysts, this is just the tip of the iceberg.

Real estate services provider, Knight Frank reports that the number of ultra-wealthy individuals (those with a net worth of at least US$30 million) in Vietnam will grow by 166% in Vietnam, faster than any other country in the world over the next decade.

The UK-based firm’s recent forecast expected that the number of ultra-wealthy in the country would jump to 293 by 2023, with HCMC leading the way with 246.

Knight Frank attributed the forecasted growth to the country’s ongoing restructuring of the economy by shifting from agriculture to industry and success in controlling inflation.

Vietnam’s rich list currently includes Doan Nguyen Duc of conglomerate Hoang Anh Gia Lai, Tran Dinh Long of steel producer Hoa Phat Group, and Dang Thanh Tam of housing developer KBC.

Indonesia is expected to rank second with a growth of 144 percent, followed by Ivory Coast and Kazakhstan with 116 and 109 percent, respectively.

Let's just hope Vietnam does a better job of distributing the wealth (through taxes) than some Western countries have.

 

[Thanh Nien]

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