Number of super-rich people in Vietnam doubles after 5 years

Vietnam had more than 1,000 super-rich people last year, nearly double the number in 2017, according to the latest report by Knight Frank.

The information is stated in the Prosperity report recently released by the real estate consulting group Knight Frank (UK). Specifically, from 583 super-rich people in 2017, it increased to 1,059 people last year, equivalent to an increase of 82%. 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% in 10 years.

According to this organization's definition, the super-rich are individuals with net assets (excluding loans) of 30 million USD or more - equivalent to more than 704 billion VND at the current exchange rate - including the real estate in which they reside.

They determined the number of individuals in countries based on a “Wealth Sizing Model” that the company has built and developed over the past half-decade. This method combines the company’s wealth of data resources and machine learning technology, structured to take into account factors such as geopolitical circumstances that can affect underlying economic relationships.

A woman takes a photo outside a high-end fashion store in Hanoi on May 25. Photo: AFP — A woman takes a photo outside a high-end fashion store in Hanoi on May 25. Photo: *AFP*

According to the report, the number of high-net-worth individuals (HNWI) – individuals with assets of one million USD or more, including residential real estate – in Vietnam has also increased by 70% in the past five years, from 40,971 people in 2017 to nearly 70,000 people last year. The report said that Vietnam will have more than 112,200 rich people by 2027, equivalent to a growth of 173% in a decade.

Knight Frank explains that the rapid growth of the rich and super-rich population in Vietnam is also part of a trend of prosperity across Asia. Accordingly, Singapore, Malaysia and Indonesia lead the places with the fastest growing super-rich populations.

In Asia- Pacific , the number of ultra-rich people increased dramatically by nearly 51% in the five years to 2022. Although this growth is predicted to slow to 40% in the next five years, this region still leads the world in terms of growth in the number of wealthy people.

"In the long term, this region still has a lot of potential and prospects for prosperity, leading in terms of super-rich population and economic development opportunities," said Christine Li, Director of Research Services for Asia-Pacific at Knight Frank.

As of 2022, the world has more than 579,600 super-rich people and nearly 70 million rich people according to Knight Frank's calculations. The US has the largest number of super-rich and rich people, 253,354 and more than 25 million respectively. The number of super-rich people in the US is more than the whole of Europe with 155,996 people. Meanwhile, the top 5 countries with the fastest growth in super-rich population last year were UAE, Tanzania, Brazil, Nigeria, Saudi Arabia.

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