Vietnam wealthy population to grow fastest in the world: forecast

The n​umber of super-rich individuals with a net worth of at least US$30 million will grow faster in Vietnam than in any other country over the next decade, real estate services provider Knight Frank has said.

The UK-based firm said in a recent forecast that the number of ultra-high-net-worth individuals would increase by 166 percent in the country to 293 in 2023.

Indonesia is expected to rank second with a growth of 144 percent, followed by Ivory Coast and Kazakhstan with 116 and 109 percent.

Knight Frank expects Asian cities to see the fastest growth in the number of ultra-wealthy individuals over the next decade. 

Ho Chi Minh City, Vietnam’s largest urban hub, would head the list with the number rising by 173 percent to 246, it said.

The government’s recent move to allow foreign investors to own larger stakes in local banks, the ongoing restructuring of the economy by shifting from agriculture to industry, and success in bringing inflation under control should help underpin growth and offer more opportunities for wealth creation, it said.

Vietnamese economist Bui Kien Thanh said the increasing number of ultra-rich people is sending a positive signal to the economy.

These people should have long-term vision for investments and “clean” financial management, he noted.

He said the government should facilitate local businesses’ growth with its interest rate tools and promote investments in science and technology.

Analysts are even hopeful that the country would see the wealthy population increase more rapidly than forecast by Knight Frank in the next 10 years. 

Vietnam has its first dollar billionaire now in the form of Pham Nhat Vuong, chairman of leading property firm Vingroup, who holds Vingroup stocks valued at over VND22 trillion (US$1.04 billion).

The list the of richest people includes Doan Nguyen Duc of conglomerate Hoang Anh Gia Lai, Tran Dinh Long of steel producer Hoa Phat Group, and Dang Thanh Tam of housing developer KBC.

The total assets held by people in the top 10 list have risen by 30 percent to over VND56 trillion ($2.66 billion) this year.