Vietnam’s millionaire population growth among world’s fastest
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Vietnam ranks fourth among the world’s top 10 countries with the fastest millionaire population growth, a new report says. The country’s High Net Worth (HNW) population is set to grow by 10.1 percent each year in the 2018-2023 period, says wealth research firm Wealth-X. This growth rate is only lower than Nigeria at 16.3 percent, Egypt, 12.5 percent and Bangladesh, 11.4 percent, says the report, which covered over 540,000 HNW individuals in the world.
The report defines HNW population as those with a net worth between $1 million and $30 million. The world’s HNW population grew by 1.9 percent last year from 2017 to 22.4 million people with a combined wealth of $61.3 trillion.
About 25 percent of the world’s HNW population were located in Asia last year, and their total wealth was $15.48 trillion.
Although the region’s GDP went up 8 percent last year, its stock markets plunged by more than 11 percent, partly explaining why Asia’s HNW population and total wealth remained virtually unchanged from last year, the report said.
It also said that the top 10 countries accounted for over 75.2 percent of the global HNW population and 73.8 percent of total HNW wealth last year.
U.S. topped the list with over 8.6 million people, following by China with 1.8 million, Japan, 1.6 million and Germany over 1 million.
In another report published last September, Wealth-X said that the number of ultra wealthy population, those with a net worth of over $30 million, has increased by 12.7 percent in Vietnam from 2012 to 2017, making it the third fastest growing country in the world in this category.
Questions & Answers
Q.What is the definition of a High Net Worth (HNW) individual according to the report?
What is the definition of a High Net Worth (HNW) individual according to the report?
The report defines a HNW individual as someone with a net worth between $1 million and $30 million. This specific wealth bracket is used to categorise and track millionaire populations globally for the study.
Q.How did the total wealth and population of HNW individuals in Asia change last year?
How did the total wealth and population of HNW individuals in Asia change last year?
Despite an 8 percent rise in the region's GDP, Asia's HNW population and their total wealth remained virtually unchanged from the previous year. Stock markets plunging by over 11 percent contributed to this stagnation.
Q.Which countries have the largest number of HNW individuals globally?
Which countries have the largest number of HNW individuals globally?
The U.S. Leads with over 8.6 million HNW individuals, followed by China with 1.8 million, Japan with 1.6 million, and Germany, which has over 1 million. These countries account for a significant portion of global wealth.
Q.How does Vietnam's growth in ultra-wealthy individuals compare to its general HNW population growth?
How does Vietnam's growth in ultra-wealthy individuals compare to its general HNW population growth?
Vietnam's ultra-wealthy population, those with over $30 million, grew by 12.7 percent from 2012 to 2017, making it the world's third fastest. Its broader HNW population is projected to grow by 10.1 percent annually between 2018-2023.
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