Vietnam’s millionaire population growth among world’s fastest
Vietnam ranks fourth among the world’s top 10 countries with the fastest millionaire population growth, a new report says.
The country’s High Net Worth (HNW) population is set to grow by 10.1% each year in the 2018-2023 period, says wealth research firm Wealth-X.
This growth rate is only lower than Nigeria at 16.3 percent, Egypt, 12.5% and Bangladesh, 11.4%, says the report, which covered over 540,000 HNW individuals in the world.
The report defines HNW population as those with a net worth between USD1 million and USD30 million.
The world’s HNW population grew by 1.9% last year from 2017 to 22.4 million people with a combined wealth of USD61.3 trillion.
About 25 percent of the world’s HNW population were located in Asia last year, and their total wealth was USD15.48 trillion.
Although the region’s GDP went up 8% last year, its stock markets plunged by more than 11%, partly explaining why Asia’s HNW population and total wealth remained virtually unchanged from last year, the report said.
It also said that the top 10 countries accounted for over 75.2% of the global HNW population and 73.8% of total HNW wealth last year.
The U.S. topped the list with over 8.6 million people, following by China with 1.8 million, Japan, 1.6 million and Germany over 1 million.
In another report published last September, Wealth-X said that the number of ultra-wealthy population, those with a net worth of over USD30 million, has increased by 12.7% in Vietnam from 2012 to 2017, making it the third fastest growing country in the world in this category.