A high-end fashion shop in Hanoi. Photo credit: VnExpress/Phuong Anh
Property consultancy Knight Frank predicts that Vietnam has the fifth fastest-growing ultra-high net worth population in the Asia-Pacific region, with the number expected to reach 1,000 by 2028.
The number of ultra-high net worth individuals (UHNWIs), which the firm defines as people with a net worth of more than $30 million, is expected to grow 30% from 752, according to the firm's wealth report.
This growth rate will exceed those of South Korea (29.5%), Hong Kong (22.4%) and Singapore (15.7%).
In Vietnam, the number of ultra-rich individuals increased by 2.4% last year to 752. Thailand's rate was 0.8%, lower than Malaysia (4.3%), Indonesia (4.2%) and Singapore (4%).
The report found that the number of ultra-rich people globally grew 4.2% last year to 626,619, with nearly 70 new ultra-wealthy investors added every day.
The highest growth rate was recorded in Asia at 38.3%.
The next five years are expected to continue to see the fastest growth, with the number of UHNMIs expected to reach 228,849 by 2028.
Vietnam's luxury imports are also set to grow between 2018 and 2022, with jewellery growing by 8% annually, cars by 26%, wine by 6% and watches by 8%, according to the Knight Frank Luxury Investment Index.
The wealthy also increased their investments in overseas property last year, with the most notable purchase being an office building on Old Broad Street in London.
The £200 million ($255.8 million) deal was actually the largest in London's office building sector last year.
Last month, global wealth information firm New World Wealth predicted that Vietnam's wealth will grow by 125 percent over the next decade.
This would include the biggest expansion of any country in terms of GDP per capita and number of billionaires, the report said.
