The number of ultra-high-net-worth individuals in Vietnam with a worth of at least $30 million is forecast to increase by 26% to more than 1,500 by 2026, according to the latest report.

Six Vietnamese billionaires on Forbes 2021 World's Richest List. Photo: thitruongtaichinhtiente

The annual Wealth Report 2022 released by the UK property consultancy Knight Frank found such the growth in Vietnam in 2021-2026 is equivalent to that in Hong Kong and Taiwan (China). 

By 2026, the country will have 25,812 high-net-worth individuals (UHNW) with liquid assets of at least $1 million. It is set to rise sharply by more than 59% by 2026 from 72,135 individuals last year.

Knight Frank Vietnam Managing Director Alex Crane expected Vietnam to become one of the focus points of this report in the coming years, which is based on the economic background as well as the increasing position of the Southeast Asian country.

He also pointed out the selling price of luxury apartments in Vietnam has exceeded US$10,000 per m2 this year. Alex Crane also mentioned a marked trend in spending by ultra-rich and rich people on watches and wines, with sales up 16% for both.

Car sales and wine imports, despite the impact of the pandemic, had consistently maintained positive growth of 12.9%and 9.8%, respectively, between 2016 and 2019.

The Knight Frank report counts more than 610,000 ultra-rich people around the world last year, up 9.3% against 2020.

The global UHNW population is estimated to grow by a further 28% by 2026, with Asia and Australasia seeing the largest growth at 33%, followed by North America at 28% and Latin America at 26%.