Vietnam lies in top four fastest-growing high net worth countries

According to “High Net Worth Handbook 2019” on the world’s high net worth (HNW) population – individuals with a net worth of $1 million to $30 million published by Wealth-X, Vietnam is one of ten fastest-growing HNW countries in the period from 2018 to 2023.

Vietnam’s HNW population is projected to increase by 10,1 per cent per year, following Nigeria (16,3 per cent), Egypt (12,5 per cent) and Bangladesh (11,4 per cent).

Wealth-X’s “World Ultra Wealth Report 2018” published in last September showed that Vietnam ranks third globally in terms of growth rate of ultra-high net worth population – individuals with a net worth of $30 million or more.

In 2018, HNW population in the world rose by 1.9 per cent to 22.4 million people, an increment below the rate of global economic growth. Their combined wealth also grew by 1.8 per cent to $61.3 trillion.

Backed by strong GDP growth and relatively stable equity markets compared with other regions, Europe, the Middle East and North America saw positive growth in their HNW populations in 2018 (4.5 per cent, 3.1 per cent and 2.1 per cent, respectively) and the wealth they control (4.4 per cent, 3.4 per cent and 2.0 per cent, respectively).

Both the HNW population and wealth in Latin America and the Caribbean, Africa and the Pacific shrank in 2018 (-7.6 per cent, -2.5 per cent and -1.9 per cent, respectively for population, and -7.4 per cent, -2.4 per cent and -1.8 per cent, respectively for wealth).

The top ten countries accounted for 75.2 per cent of the global HNW population and 73.8 per cent of the total HNW wealth last year.

The ultra-wealthy population is more occupied by leisure pursuits such as sports and travel. The two groups appear to have the same level of interest in culture, through interests in the arts and music, although the ultra-wealthy population shows greater interest in politics.