An annual Wealth Report released recently by Knight Frank shows that the number of ultra-high net worth individuals with assets of more than US$30 million each in Vietnam is projected to increase considerably in the next five years.
Vietnam had 1,059 ultra-high net worth individuals in 2022, ranking second in Southeast Asia, just behind Singapore, Knight Frank said in its report.
The number of ultra-rich individuals in the country is expected to reach 1,300 by 2027, a 22% increase from 2022 and a 122% increase over the past decade, according to Knight Frank’s forecast.
The report shows that the number of dollar millionaires in Vietnam has also increased by 70% over the past five years, from 40,971 in 2017 to 69,994 in 2022, ranking fourth in ASEAN, behind Singapore, Thailand, Malaysia, and ahead of Indonesia and the Philippines.
It predicts that Vietnam will have more than 112,200 millionaires by 2027, a more than 60% increase from 2022 and a 173% increase from 2017.
To meet the needs of the ultra-rich group, the Vietnamese financial market has also made great strides in providing specialized products and services.
The Bank for Investment and Development of Vietnam (BIDV) has entered into a strategic partnership agreement with Elmond de Rothschild Group of Switzerland to deploy Private Banking services for high-end customers who own large assets.
Ariane De Rothschild, CEO of Edmond de Rothschild Group, says Vietnam is recording outstanding growth in personal assets and there is still room for the asset management market in Vietnam to develop on the back of rapid economic growth.
Elmond de Rothschild Group is helping BIDV improve the capacity to deploy services of international standards specifically for clients with large assets, she said.
The sharp increase in the number of dollar millionaires in Vietnam is anticipated to open up great opportunities for financial institutions to fully tap into this potential market segment.
