Vietnam will have more than 1,500 super-rich people by 2026
The number of people with assets of over 30 million USD (about 680 billion VND) in Vietnam will exceed 1,500 by 2026, according to a report by Knight Frank.
According to the latest Wealth Report by Knight Frank - a UK-based real estate consultancy group - the number of super-rich people in Vietnam will increase by about 26% from now to 2026. The company defines super-rich people as individuals with net assets of 30 million USD or more, including the value of primary residential real estate.
Specifically, by 2026, Vietnam is expected to have 1,551 super-rich people, compared to 1,234 in 2021. Along with that, the number of rich people, meaning those with a net worth of one million USD or more, will increase by more than 59%. Last year, the country had an estimated 72,135 rich people by this standard. After just four years, the number is expected to reach 114,807 people.
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Mr. Alex Crane, Managing Director of Knight Frank Vietnam, said that he is witnessing the selling price of luxury apartments surpassing 10,000 USD/m2 this year due to high domestic demand as well as the estimated increase of Vietnam's super-rich population by 26% in the period 2021 - 2026, on par with Hong Kong and Taiwan.
The report also forecasts that watch and wine consumption by wealthy Vietnamese will increase by 16% in the coming period. Import figures over the past period also reflect this reality, with the total value of imported watches increasing by 28.2% per year in the period 2016-2020, despite the impact of Covid-19.
Domestic car sales and total value of imported wine in the pre-pandemic period (2016-2019) maintained positive growth, at 12.9% and 9.8% per year, respectively.
The world had more than 610,000 ultra-rich people last year. By 2026, Knight Frank forecasts the global ultra-rich population to increase by 28%. Of which, Asia and Oceania have the highest growth (33%), followed by North America (28%) and Latin America (26%).
Nearly a third of the total wealth of the ultra-wealthy is held in primary residences and second homes. Looking to 2022, the Knight Frank Attitudes Survey found that nearly a quarter (23%) of the ultra-wealthy population plan to invest directly in commercial real estate.
Additionally, for the first time, NFT (non-fungible digital asset) sales have increased significantly among the ultra-rich, with the world’s top auction houses selling $228 million worth of NFTs or crypto art last year. Total NFT sales on online platforms also reached over $81 billion and the trend continues to grow.