The population of ultra-rich individuals in Vietnam will more than double to 300 in the next 10 years, making it the fastest growing in the world, global real estate consultancy Knight Frank predicted in its annual Wealth Report last week.
According to the report, the number of ultra high net worth individuals (UHNWI), or those having a net worth of at least US$30 million, in Vietnam is likely to swell from 116 in 2014 to 300 by the year 2024, registering a jump of 159 percent.
The report predicted Vietnam will become the country with the largest increase in UHNWI population in the world over the next decade, followed by Indonesia (132 percent) and the Ivory Coast (119 percent).
The number of UHNWIs in Vietnam increased from 110 in 2013 to 116 in 2014.
The global population of UHNWI grew by almost 5,200 last year, according to the report. This latest increase means 65,335 people have joined the ranks of the ultra-wealthy over the past decade – a rise of 61 percent.
In total, there are now 172,850 individuals in this cohort who hold wealth totalling $20.8 trillion, an increase of $700 billion during 2014.
Most notably, Asia overtook North America as the region with the second largest UHNWI growth. Some 1,419 people moved past the $30m+ mark in Asia in 2014, after an increase of fewer than 1,000 in 2013. Europe held onto the top spot with the most new entrants into the ultra-wealthy bracket over 2014.
The ultra-wealthy in Asia now also hold more in total wealth, with net assets of $5.9 trillion, than those in North America, with $5.5 trillion. However, with a $6.4 trillion treasure chest, European UHNWIs still control the most wealth.
Knight Frank also predicted cities across Asia will see a 91-percent growth in their UHNWI populations on average over the next decade.
The most rapid growth in wealth will be seen in the likes of Ho Chi Minh City, Jakarta, Mumbai and Delhi, it said.