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Vietnam enjoying fastest wealth growth in the world

Released at: 21:40, 02/02/2018

Vietnam enjoying fastest wealth growth in the world

Photo from baomoi.com

Wealth grew 210% between 2007 and 2017, according to market researchers New World Wealth.

by Quang Huy

Vietnam’s emergence as a global manufacturing hub has helped it top a list of countries ranked by wealth growth over the past ten years, according to a report from market research company New World Wealth and interpreted by Visual Capitalist.

Wealth in Vietnam grew 210 per cent between 2007 and 2017 and the country’s wealth market is predicted to continue growing another 200 per cent in the next ten years, according to the report.

Much of that growth is due to the surge in ultra-high net worth individuals (UHNWIs) living in the country, defined as people with investable assets of at least $30 million, excluding personal assets and property such as a primary residence, collectibles, and consumer durables.

Vietnam’s ultra-rich population is growing faster than in any other economy in the world and is on track to continue leading that growth over the next decade.

Mr. Andrew Amoils, Head of Research at New World Wealth, highlighted Vietnam as a market where “stellar” growth is set to reinforce the “dramatic growth” of the super-rich in Asia.

“We expect Vietnam’s millionaire numbers to be boosted by strong growth in the local healthcare, manufacturing, and financial services sectors,” he was quoted in the report as saying.

It also cited World Bank describing the “remarkable” transformation of Vietnam’s economy over the last 25 years, with economic and political reforms translating into higher incomes. The bank has projected average GDP growth of around 6 per cent annually to 2020.

Released in March last year, the Wealth Report by independent UK real estate consultancy Knight Frank found there are 200 UHNWIs in Vietnam.

The super rich group rose 320 per cent between 2000 and 2016; the fastest in the world. By way of comparison, India’s grew 290 per cent and China’s 281 per cent.

The number is expected to continue rising to 540, or by 170 per cent, by 2026; the highest growth in the world. The number of millionaires in Vietnam is expected to jump to 38,600 from 14,300 over the same period.

China saw the second-highest wealth growth over the past ten years, with the number of its UHNWIs rising 281 per cent between 2000 and 2016.  

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