Vietnam is among the top 10 fastest-growing countries in the number of Ultra High-net-worth Individuals
The Hanoitimes – The global ultra-wealthy population, comprising people each with a net worth above $30 million, expanded by 12.9% year-on-year in 2017 to 255,810 individuals.
Vietnam has registered an 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.
On the list, Vietnam is only behind Bangladesh and China, which posted the growth rate of 17.3% and 13.4%, respectively, stated the latest report.
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 the 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 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.
With the fast growth in the number of UHNWIs, Vietnam is one of the most prospective markets for international companies who are seeking for potential customers; such as real estate companies, immigration and law firms, etc.
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