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Tuesday, May 24, 2022

Vietnam seen having over 1,500 rich people by 2026

The Saigon Times

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HCMC – The number of people with assets worth US$30 million or more in Vietnam will hit more than 1,500 in 2026, according to the 2022 Knight Frank Wealth Report.

The latest wealth report released by the United Kingdom’s Knight Frank, one of the world’s leading independent real estate consultancies, forecasts that the country will see a 26% rise in its rich population by 2026 to 1,551 against the 2021 number at 1,234. The country’s expansion is forecast to be on par with the increase in Hong Kong and Taiwan.

The country will also witness a 59% surge in the population of wealthy individuals with a net worth of US$1 million or more to over 114,800 by 2026. Last year, Vietnam had an estimated 72,135 wealthy individuals.

The price of high-end apartments is expected to exceed US$10,000 per square meter this year due to the rising domestic demand and an increase in the wealthy population from now until 2026, says Alex Crane, managing director at Knight Frank Vietnam.

The report also forecasts the consumption of watches and wine among the Vietnamese ultra-wealthy and rich people will rise by 16% against the previous period. The country’s import of watches soared by 28.2% annually during the 2021-2020 period.

The import of wine also maintained its annual growth at 9.8% during the 2016-2019 period, while local car sales increased by 12.9% annually, the local media reported.

The global market saw over 610,000 ultra-wealthy individuals in 2021. By 2026, the number will expand by 28%, according to the wealth report.

Asia and Australasia will see the biggest percentage increase at 33%, followed by North America at 28% and Latin America at 26%.

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