VNExpress-Mar 1

The number of people owning more than $30 million in Vietnam, or the ultra-rich, will cross 1,500 in 2026, a 26 pct increase from 2021. This is an estimate contained in the latest annual Wealth Report released by U.K. property consultancy Knight Frank. It says Vietnam is expected to have 1,551 ultra-high net worth individuals (UHNWIs) by 2026, compared to 1,234 last year. The company also predicts that the number of rich people, or those with a net worth of $1 million or more, including their primary residence, will rise sharply by more than 59 percent from last year to 114,807 in 2026. “We have witnessed prime apartment selling prices break the $10,000 per square meter barrier this year, driven by local demand, and with Vietnam expected to increase the number of UHNWIs between 2021 and 2026 by 26 percent, on par with Hong Kong SAR and Taiwan, we can see the potential for ongoing growth well into the future beyond that,” said Knight Frank Vietnam Managing Director Alex Crane. The report also notes a marked trend in spending by ultra-rich and rich people on watches and wines. Vietnam’s import of watches increased 28.2 percent annually in 2016-2020 despite the impact of Covid-19. Read more at: https://e.vnexpress.net/news/economy/good-days-ahead-for-vietnams-ultra-rich-report-4433564.html