Vietnam has the second fastest growth of wealthiest people in the past decade

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Shoppers at a mall in Ho Chi Minh City (Photo: VnExpress)

The country’s average annual growth rate of those with a net worth between $5-30 million, categorized as a very high net worth (VHNW) population, reached 13.9 percent during the 2010-2019 period, says Wealth-X, a leading global wealth information and insight provider.

This growth rate is only lower than Bangladesh at 14.3 percent, according to a recent Wealth-X report. It attributes Vietnam’s wealth performance to "robust economic growth supported by a young and expanding workforce and deepening integration in regional manufacturing supply chains."

Wealth-X said the proportion of super-rich people in the technology sector will increase significantly because technology businesses can overcome the Covid-19 crisis quite easily and can scale up faster than traditional industries. .

Top 10 fastest-growing wealth market in the past decade (Photo: VnExpress)

The number of super-rich has also increased faster than most of Asia over the past decade, mainly China, with the number of super-rich people tripling.

Over the past decade, the world's super-rich population has more than doubled, with the number of global millionaires doubling to more than 25 million between 2005 and 2019. These 25.2 million super-rich people are equivalent 3.23% of the estimated 7.8 billion people in the world, with total assets of up to 104 trillion USD, equivalent to a third of global private assets in 2019. This figure increased from 50 thousand billion USD in 2005, according to Accompany.

Vietnam had 25,727 millionaires last year (Photo: CafeF)

Vietnam has a workforce of over 57 million, 70 percent of which belong to the Y (commonly called millennials, born between 1976 and 1995) and Z generations (born after 1995), according to official statistics.

Last year, the Vietnamese economy expanded at 7.02 percent, the second highest in the last decade after a record 7.08 percent in 2018, according to VnExpress.

"The rapid urbanization and an ongoing shift from low-productivity agriculture towards manufacturing and services in Asian economies, including Vietnam, have contributed to the growth of wealthy individuals," the report says.

China ranked third among the top 10 fastest-growing wealth markets at 13.5 percent, followed by Kenya (13.1 percent) and the Philippines (11.9 percent).

The rest of the top 10 comprised Thailand (10.6 percent), New Zealand (8.7 percent), the U.S. (8.2 percent), Pakistan (7.5 percent) and Ireland (7.1 percent).

Vietnam had 25,727 millionaires last year, up 12 percent from a year ago. Of these, 458 had a net worth of above $30 million, up 7 percent from a year ago, according to a report released earlier this year by global property consultant Knight Frank.

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