Vietnam witnessed a 2.4% rise in the number of ultra-high net worth individuals (UHNWIs) – individuals with assets exceeding $30 million – last year, as reported in the Wealth Report 2024 compiled by property consultants Knight Frank.
In 2023, Vietnam’s UHNWI population reached 752, up from 734 in 2022, signifying the addition of 18 individuals to the “ultra-wealthy” category.
Knight Frank forecasts a 30% surge in Vietnam’s wealthy population over the next five years, projecting the total UHNWI count to reach 978 by 2028.
This optimistic outlook is attributed to factors such as changes in interest rates, the robust performance of the US economy, and significant growth in equity markets, contributing to global wealth creation. By the end of 2023, the number of UHNWIs globally increased by 4.2%, with nearly 70 affluent individuals minted daily, pushing the global total to over 626,600.
Notable growth was observed in North America (7.2%) and the Middle East (6.2%), while Latin America experienced a decline in wealthy individuals. Although Europe saw slower wealth generation, it remains the residence of the wealthiest 1%.
Despite expectations of slower global growth, the report anticipates a continued revival in wealth creation.
According to the report, “We maintain our projection of a 28.1% increase in wealthy individuals globally over the next five years, with Asia, particularly India (50%) and mainland China (47%), showing strong growth.”
Vietnam is predicted to witness a remarkable 125% surge in wealth over the next decade, marking the largest expansion in wealth concerning GDP per capita and the number of millionaires, as per a report by global wealth intelligence firm New World Wealth and investment migration advisors Henley & Partners.
Andrew Amoils, head of research at New World Wealth, highlighted Vietnam’s increasing popularity as a manufacturing hub for multinational tech, automotive, electronics, garments, and textiles companies.
“Vietnam boasts 19,400 millionaires and 58 centimillionaires, offering a relatively secure environment compared to other Asia-Pacific nations,” Amoils noted. “This incentivizes companies to establish manufacturing operations in the country.”
