80TH Anniversary August Revolution and National Day
Log in
Vietnam

Vietnam’s super-rich among top 5 fastest growing in Asia-Pacific

The super-rich are those with a net worth (excluding debts) of US$30 million or more, including the real estate they reside in.

Vietnam is projected to have nearly 1,000 super-rich individuals by 2028, ranking fifth in terms of growth rate in the Asia-Pacific region.

 The number of super-rich individuals in Vietnam is growing at a rapid pace. Photo: Huu Thang/The Hanoi Times

A Wealth Report released by the real estate consultancy firm Knight Frank (UK) reveals that the number of ultra-wealthy individuals in Vietnam was estimated at around 752 last year, a 2.4% increase compared to 2022. This growth rate is lower than neighboring countries such as Malaysia (4.3%), Indonesia (4.2%), and Singapore (4%), but three times higher than Thailand (0.8%).

According to the firm's definition, ultra-high net worth individuals have worth (excluding debts) of $30 million or more, including real estate they reside in.

Knight Frank identifies the number of ultra-rich individuals in countries using the "Wealth Sizing Model" developed and refined by the company over the past decade. This method combines a wealth of data resources collected by the company and machine learning technology, structured to take into account influencing factors such as geopolitical circumstances that may affect fundamental economic relationships.

The company notes that its model is dynamic, so figures in the latest report may vary and may not match those in previous publications. Knight Frank forecasts that by 2028, Vietnam's ultra-rich population will reach 978, up by 30% from the previous year, placing the country among the top five fastest growing in the Asia-Pacific region, ahead of South Korea, Hong Kong, and Singapore.

Alongside the growth in the number of high-net-worth individuals, between 2018 and  2022, Vietnam saw annual growth rates in luxury goods imports of 8% for jewelry, 26% for cars, 6% for wine, and 8% for watches, according to the Knight Frank Luxury Investment Index (KFLII).

Last year, the global ultra-rich population grew by 4.2% to  626,619, up from 601,300 in 2022. Growth was led by North America (7.2%) and the Middle East (6.2%), while Latin America was the only region seen a decline. By country, Turkey and the US led the growth, with increases of 10% and 8%, respectively.

Following a decline in 2022, the global high-net-worth population increased last year due to improving economies and active financial investing. In the first half of 2023, interest rates continued to rise, but stocks surged due to excitement over artificial intelligence.

In the latter half of the year, inflation eased, and expectations of early interest rate cuts further fuelled the stock market. Other sectors also yielded positive returns, with gold rising by 15% and Bitcoin by 155%, reversing much of the losses that investors endured in 2022.

Knight Frank predicts that Asia will lead in ultra-rich population growth by 2028, with a 38.3% year-on-year increase. The continent had 165,442 ultra-rich individuals last year and the number is projected to reach 228,849 in the next five years.

As lifestyles become more affluent, Kevin Coppel, CEO of Knight Frank Asia-Pacific, notes that the wealthy and ultra-wealthy in Asia continue to show particular interest in luxury investments.

Coppel noted that across the continent, tycoons and magnates consistently prioritize luxury purchases to diversify their investment portfolios and capitalize on the significant profit potential these asset classes offer.

Reactions:
Share:
Trending
Most Viewed
Related news
Ho Chi Minh City tops the world for retaining residents

Ho Chi Minh City tops the world for retaining residents

The survey highlights the city’s remarkable ability to foster long-term commitment among its residents.

Vietnam-EU trade surges 46.5% after five years of EVFTA

Vietnam-EU trade surges 46.5% after five years of EVFTA

The EU-Vietnam Free Trade Agreement (EVFTA) has sustained Vietnam’s trade momentum.

Cantho and Japan's Fukuoka sign cooperation agreement

Cantho and Japan's Fukuoka sign cooperation agreement

This cooperation agreement opens a promising chapter in the relationship between the southern Vietnamese city of Cantho and the Japanese city of Fukuoka.

Vietnam welcomes Cambodia-Thailand ceasefire

Vietnam welcomes Cambodia-Thailand ceasefire

Vietnam welcomes an immediate, unconditional ceasefire between Thailand and Cambodia and reaffirms its commitment to ASEAN peace, unity, and sustainable development.

Vietnam vows all-round success as host of APEC 2027

Vietnam vows all-round success as host of APEC 2027

Prime Minister Pham Minh Chinh launches Vietnam’s National Committee for APEC 2027, pledging an all-round success in hosting the regional forum amid global economic shifts.

Ha Anh Tuan to to perform first Vietnamese concert at Dolby Theatre in Los Angeles

Ha Anh Tuan to to perform first Vietnamese concert at Dolby Theatre in Los Angeles

For the first time, Vietnamese music will take the stage at the Dolby Theatre, a venue known for hosting the Oscars and other global cultural events.

Vietnam to set aside $1.45 billion to build border-area schools

Vietnam to set aside $1.45 billion to build border-area schools

Building more schools will provide better access to education for children in needy areas.

Hanoi student wins gold medal at 2025 International Biology Olympiad

Hanoi student wins gold medal at 2025 International Biology Olympiad

Vietnam ranks among the top 10 at the 2025 International Biology Olympiad (IBO) held in the Philippines.