In 2023, the variety of ultra-high-net-worth individuals (UHNWI) in Vietnam with a net price of at the least USD 30 million will increase by 2.4% to 752, in keeping with the newly published Knight Frank Wealth Report 2024 . Although this growth shouldn’t be as high as in neighboring countries equivalent to Malaysia (4.3%), Indonesia (4.2%) and Singapore (4%), it’s 3 times higher than the expansion rate in Thailand. (0.8%).
The report projects that by 2028, Vietnam’s UHNWI population will reach 978, a rise of 30%. This growth is anticipated to exceed that of South Korea (29.5%), Hong Kong (22.4%) and Singapore (15.7%). As a result, Vietnam will rank fifth by way of growth dynamics within the Asia-Pacific region.
Knight Frank uses a “wealth measurement model” it has developed and refined over the past decade to find out the variety of ultra-high net price individuals in several countries. This methodology takes into consideration various sources of information collected by the corporate, in addition to machine learning technology designed to take into consideration aspects equivalent to geopolitical situations which will affect underlying economic relationships.
Globally, the report shows the variety of UHNWIs increasing by 4.2% from 601,300 to 626,619, with almost 70 recent high-net-worth individuals joining their ranks each day. North America and the Middle East led growth with 7.2% and 6.2% respectively, while Latin America saw a decline within the variety of wealthy people. Although Europe is less lively in creating recent wealth, the continent is home to 1% of the world’s richest people.
Asia has the fastest growth – 38.3%. The region is anticipated to take care of high growth rates over the following five years, and by 2028, as many as 228,849 individuals with very high net price will live there.
Kevin Coppel, CEO of Knight Frank Asia-Pacific, notes that as lifestyles turn into increasingly affluent, wealthy and ultra-wealthy people in Asia proceed to be fascinated about luxury investments. Mr. Coppel emphasizes that successful entrepreneurs and wealthy individuals across continents proceed to decide on to speculate their money in luxury purchases to diversify their investment portfolios and benefit from the numerous profit potential this asset class offers.
