The number of rich people in Vietnam doubled in 5 years.

According to the latest edition of the Wealth Report published by Knight Frank, the number of super-rich people in Vietnam has nearly doubled between 2017 and 2022. Specifically, from 583 individuals in Vietnam with net assets of over 30 million USD in 2017, by the end of 2022 this number had reached 1,059 people, an increase of 82% after only 5 years. Knight Frank predicts that by 2027, this number will nearly reach 1,300 people, equivalent to an increase of 22% compared to the present and equivalent to an increase of 122% within 10 years.

Number of rich people in Vietnam doubled after 5 years - 1 — Global rich population over the years. (Source: Knight Frank).

Not only that, Vietnam’s high net worth (HNWI) population – individuals with assets of $1 million or more – has also increased by 70% in the past five years. It 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 super-rich markets, 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.

Ms. Christine Li, Director of Research Services, Asia- Pacific at Knight Frank, commented: " According to data from the latest Knight Frank Wealth Report, after a record increase of 7.5% in 2021, the Asia-Pacific ultra-rich population will decrease by 5.7% in 2022. However, 3 out of 10 markets with the strongest growth in ultra-rich population globally are Southeast Asian countries Singapore, Indonesia and Malaysia, with an increase of 7-9%. In the long term, this region still has a lot of potential and prospects for prosperous development, leading in ultra-rich population and economic development opportunities ."

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, and Saudi Arabia.

Ngoc Vy

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