According to the latest edition of the Wealth Report (Asset Pricing Model) just released by Knight Frank, the number of ultra-high-net-worth individuals (UHNWI) in Vietnam has nearly doubled between 2017 and 2022.
From 583 individuals in Vietnam with net assets of over 30 million USD in 2017, by the end of last year this number had reached 1,059, an increase of 82% in just 5 years. Knight Frank predicts that by 2027 this number will nearly reach 1,300, an increase of 22% compared to the present, and equivalent to an increase of 122% within 10 years.
Knight Frank's ultra-rich chart
Not only that, Vietnam's high-net-worth population (HNWI) - individuals with assets of 1 million USD or more - has also increased by 70% in the past 5 years, and is expected to skyrocket by 173% in just 10 years from 2017 to 2027.
The shift in Vietnam’s rich and super-rich population is part of a broader trend of prosperity across Asia, with Singapore, Malaysia and Indonesia leading the fastest growing markets for super-rich populations, at around 7-9%. In the Asia- Pacific region, the super-rich population has grown by a staggering 51% in the five years to 2022. Although this growth is expected to slow to 40% in the next five years, it remains the world’s fastest growing region in terms of prosperity.
“According to data from Knight Frank’s latest Wealth Report, after a record 7.5% increase in 2021, the Asia- Pacific ultra-wealthy population will decline by 5.7% in 2022. However, 3 of the 10 markets with the fastest growing ultra-wealthy populations globally are Southeast Asian countries such as Singapore, Indonesia and Malaysia, with increases of 7-9%. In the long term, this region still has a lot of potential and prospects for prosperity, leading in ultra-wealthy population and economic development opportunities,” said Christine Li, Head of Research Services, Asia Pacific at Knight Frank.
Victoria Garrett, Head of Residential Services, Asia Pacific at Knight Frank, added: “Despite a decline in the ultra-wealthy population last year, the number of high net worth individuals (HNWIs) with assets worth US$1 million or more increased by 2.9% to nearly 70 million globally. The top three countries in this regard were Malaysia, Brazil and Indonesia. In addition, the 100 global prime real estate markets saw an average price increase of 5.2%, and the value of prime investment properties increased by 16%. The top 10 global growth rates are forecast to continue to be dominated by European and Asian economies . Asia Pacific economic growth remains urban-centric, and residential real estate markets are also driven by the urban prime segment. Given the region’s high urbanisation rate, investors can expect a more sustainable growth trajectory and more effective asset consolidation.” more effective.”
Knight Frank LLP is a leading global independent real estate advisory group, with a 126-year history of serving its clients in the real estate industry. Headquartered in London, Knight Frank has over 16,000 employees working in 384 offices across 51 territories.
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