As Vietnam’s economy continues to grow, so is the number of ultra-high-net worth individuals (UHNWIs) - people who have US$30 million or more in total assets.
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The prediction comes from a recent report from Knight Frank, a London-based residential and commercial property consultancy, according to DTI News.
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.
Last year, Knight Frank predicted that the number of ultra-wealthy in Vietnam would jump to 293 by 2023, with HCMC leading the way with 246.
This trend is also taking place on a global scale as the report forecasted that the UHNWI population would jump from 172,850 (which controls US$20.8 trillion) in 2013 to 230,000 by 2024.
Expect to see plenty visual representations of this increased Vietnamese wealth as many of the country’s rich are happy to flaunt it with luxury cars, castles and gold-stuffed mooncakes.
Some experts have warned that while Vietnam's economic fortunes have improved in recent years, the growing wealth gap may have far-reaching consequences:
"Vietnam is not a wealthy country, per capita income is still very low, so the disparities are very apparent, and also challenge the ruling ideology and social contract," Zachary Abuza, a Washington-based Southeast Asia analyst told Vietweek in late 2013.
[Photo via Nana Chen]
