Vietnam has 110 super-rich, World Bank says

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Pham Nhat Vuong, chairman of Vingroup Joint-Stock Co. He is the richest person in Vietnam with the total assets of around US$1.6 billion. Photo credit: Bloomberg Pham Nhat Vuong, chairman of Vingroup Joint-Stock Co. He is the richest person in Vietnam with the total assets of around US$1.6 billion. Photo credit: Bloomberg

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The World Bank estimated that Vietnam was home to 110 super-rich citizens in 2013, meaning individuals with assets of US$30 million or more excluding a principal residence.
“This was a substantial increase from 34 super-rich in 2003,” World Bank senior economist Gabriel Demombynes said at a press briefing in Hanoi on July 8 to release a report.
The number of super-rich in Vietnam is similar to that of other countries at Vietnam’s level of income, he said.
Around the world, the number of super-rich has grown rapidly in the last decade, fueling concerns about rising inequality in Vietnam and at the global level, according to the report, titled “Taking Stock.”
Substantial differences were reported between what rural and urban residents considered to be “rich”, the report revealed.
In rural areas, the rich were thought to earn VND10 million ($470) a month while in urban areas the rich were thought to earn fourfold: VND40 million a month.
World famous business magazine Forbes reported in March that Pham Nhat Vuong, CEO of Vingroup JSC, Vietnam's largest property developer and mall operator, remained on a list of the world's billionaires compiled by the magazine.
According to Forbes, Vuong, 45, is the only Vietnamese on the magazine’s list and now owns around US$1.6 billion in his total assets.
Vietnam’s other richest people includes Doan Nguyen Duc of conglomerate Hoang Anh Gia Lai, Tran Dinh Long of steel producer Hoa Phat Group, and Dang Thanh Tam of housing developer KBC, according to a March report by real estate services provider Knight Frank.

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