Vietnam's dollar millionaires are growing at the second fastest rate in Southeast Asia
The number of extremely wealthy people in Vietnam has grown by 14.7 percent this year, the second fastest rate in Southeast Asia after Thailand, according to a recent report released by Singapore company Wealth-X and Swiss bank UBS.
The inaugural World Ultra Wealth Report says the number of ultra-high net worth individuals (UHNWIs), defined as those with assets of US$30 million and above, has risen to 195 this year and they have a combined wealth of $20 billion.
Other regional countries that saw the number of UHNWIs increase are Singapore, Malaysia, the Philippines, and Indonesia.
Thailand is at the top with a year-on-year increase of 15.2 percent -- from 625 last year to 720 now -- and Indonesia is third with an increase of 10.2 percent.
Large-scale investments in infrastructure and burgeoning private consumption, driven by a growing middle class and social reforms, are key drivers of growth in the region.
Strong domestic demand has helped offset weaker export figures as consumer confidence increased across the region, particularly in Thailand and Indonesia.
Luxury consumption across the region has remained stable despite the global uncertainty and natural disasters, the Wealth-X report said.
Despite optimism in Southeast Asia, the overall growth of wealth in Asia has been affected by a decline in China where the number of UHNWIs is down 5.1 percent .
The rich in Europe and North America are also bouncing back, with the wealthy population growing faster than Asia last year.
But the report expects this to be a "temporary slowdown" in Asia, adding that Asia's ultra-high net worth population will eclipse that of Europe in 2021 and North America by 2032.
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