BackStories » Vietnam » Vietnam Has the Fastest-Growing Ultra-Rich Population in the World

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.

[Photo via Nana Chen]


Related Articles:

A Rich Guy in Thai Nguyen Dropped $135,000 on a Lucky Phone Number

Wealthy Vietnamese Spending Habits Include $40 Bowls of Kobe Phở and Castles

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


Related Articles

in Vietnam

$14 Million Approved For Restoration Of Hanoi’s 112-Year-Old Long Biên Bridge

The fate of one of Vietnam’s most beloved and storied structures took another positive turn last week when the government approved a $14 million restoration package for Long Biên Bridge.

in Vietnam

'Amazing Race Vietnam' Apologizes for Challenge Harming Coral Reef

An underwater challenge during this year’s installment of The Amazing Race Vietnam is not sitting well with environmentalists.

in Vietnam

'Engaging With Vietnam' Conference Ruminates on Heritage in Huế

“Living with Heritage, (Re)Creating Heritage: Vietnam and the World” is the title of the 14th Engaging with Vietnam conference, a series of activities including academic panel discussions, keynote tal...

in Vietnam

1.2m Vietnamese Move to Cities a Year: Report

Up to 1.2 million Vietnamese migrate to cities each year, according to a recent report.

in Vietnam

10 Beautiful Photos of Sapa's Majestic Snow

Last weekend's snowstorm in Sapa drew photographers from all over northern Vietnam who jumped at the opportunity to capture some great photos of the town's snow-covered hills, roads and residents.&nbs...

in Vietnam

10 Killed, Over 30 Missing in Central and Northern Vietnam as Storm Son-Tinh Brings Flash Floods

Heavy rains from storm Son-Tinh, which eventually weakened to a tropical depression, have caused flash floods and fatalities in central Vietnam.

Partner Content