With the growing rate of the ultra-high net worth population at 31% in the next five years, Vietnam is named among the world’s top five fastest growing countries, according to the 2019 Wealth Report recently released by Knight Frank.
At such rate, Vietnam is behind India as the country with the fastest growing rate of people with ultra-high net worth (from US$30 million onwards) at 39%, the Philippines 38%, China 35%, Indonesia 32% and equivalent to Malaysia at 31%.
In 2019, Vietnam has 142 ultra-high net worth people, up seven year-on-year, while the country has 12,327 millionaires in 2018, up 5% year-on-year. By 2023, the figure is expected to increase to 15,776.
According to the report, despite a darkening world economic outlook, wealth creation will remain a constant in 2019. The global ultra-high net worth population is forecast to rise by 22% over the next five years, meaning an extra 43,000 people will have net worth of more than US$30 million by 2023.
Strong economic performance in Asia, which hosts eight of the top ten countries with the fastest growing ultra-high net worth populations, means 2019 will be the year the number of US-dollar millionaires globally exceeds 20 million for the first time.
Whatever the outcome of Brexit, London will remain the leading global wealth center in 2019 with the largest number of ultra-high net worth individuals at 4,944, followed by Tokyo with over 3,700 and Singapore nearly 3,600.
The report also expected there will be beneficiaries if trade tensions between the US and China persist. As such, the countries where exporters to the US stand to benefit include Mexico, Canada, Vietnam, Bangladesh and Germany.