A World Bank report released earlier this week found that the number of super-rich, has rapidly increased over the last 10 years. I guess this explains the fugly castle phenomenon.
In 2003, Vietnamese with $30 million in assets (the criteria the World Bank uses to define “super-rich”) numbered 34. In 2013, this figure jumped to “an estimated 110.”
But along with this vast accumulation of wealth, concerns about income inequality have been voiced:
“Around the world, the number of ‘super-rich’ has grown rapidly over the last decade, fueling concerns about rising inequality in Vietnam and at the global level,”according to the report.
Gabriel Demombynes, one of the report’s authors, added that these concerns will likely grow as the country becomes more urbanized:
“Popular concern about inequality and demand for policy responses is likely to grow over time as more Vietnamese move to cities and are exposed to visible differences in welfare,” he wrote.
Good thing that Lamborghini showroom is about to open!
[Tuoi Tre // photo via Nana Chen]
