Vietnam has registered annual growth rate of 12.7% in its ultra-high net worth (UHNW) population since 2012, standing firmly among the world's top 10 fastest-growing UHNW countries, stated data firm Wealth-X.
According to the report, economies such as Vietnam, Bangladesh and India are expanding at a faster pace and experiencing rapid urbanization, infrastructure investment and manufacturing growth.
Overall, the state of the world's ultra-wealthy population, or those with US$30 million or more in net worth, rose by 12.9% year-on-year in 2017 to 255,810 individuals. This was a sharp acceleration from growth of 3.5% in 2016, reflecting significantly more favorable conditions for wealth creation, despite still volatile geopolitics.
Buoyed by a synchronized upturn in the world economy, rising asset markets, and robust corporate earnings, the combined net worth of the UHNW population increased by 16.3% to US$31.5 trillion, implying healthy gains in average net wealth.
A testament to the auspicious economic climate, the ultra-wealthy population and its total net worth increased in all seven major regions, contrasting with the diverse performances seen a year earlier.
The US remained by far the dominant UHNW nation in 2017, with an increase by 8.9% of its ultra-wealthy population year-on-year to 76,000 individuals - almost matching the combined total of the next six largest UHNW countries and equivalent to 31% of the global population, which was followed by Japan, China and Germany.
Asia has three representatives in the top 10, including Japan, China and Hong Kong (China), which is also has the fastest growth rate.
On average, the ultra-wealthy Asian industrialists are slightly younger than the UHNW population as a whole, as almost a quarter of the total 19,005 ultra wealthy individuals are aged below 50.
