_Vietnam's UNHWIS Double in Past Five Years

From 583 individuals with a net-worth in excess of US$30 million in 2017, that number had risen to 1,059 by the end of last year, representing growth in the category of 82% in the period. Knight Frank is predicting this number to grow to just under 1,300 by 2027, another 22% growth, and representing growth in the UHNWI category of 122% for the decade.

This is mirrored by growth in the High Net Worth Individuals (HNWI) category for the nation, which saw individuals with a net worth exceeding US$1 million grow by 70% in the past five years, and set to grow by an incredible 173% in the decade from 2017-2027.

This was part of an Asia-wide growth trend that saw Singapore, Malaysia, and Indonesia rank as part of the top 10 fastest-growing UHNW markets, seeing their wealth populations expand by 7-9%. In Asia Pacific, the UHNW population experienced a substantial growth of nearly 51% within the period spanning five years leading up to 2022. Although growth is forecasted to slow to 40% over the next five years, the region still leads the world in wealth creation.

Christine Li, Head of Research at Knight Frank Asia-Pacific, shares: “According to the latest issue of The Wealth Report by Knight Frank, the Asia-Pacific (APAC) population of ultra-high-net-worth individuals (UHNWIs) declined by 5.7% in 2022, after a record climb of 7.5% in 2021. Despite so, 3 out of 10 markets that saw the fastest-growing UHNWIs globally were from Singapore, Indonesia, and Malaysia at 7.0% – 9.0%. Taking the longer view, the wealth story remains compelling as the region will continue to lead the pack in the unending wealth expansion with plenty more opportunities for UHNWs to discover.”

Victoria Garrett, Head of Residential at Knight Frank Asia-Pacific, adds: “While the UHNW population contracted last year, the number of high-net-worth individuals (HNWIs), those with US$1m or more in net assets, expanded by 2.9% to almost 70 million worldwide. The top three countries for HNWIs’ growth were Malaysia, Brazil and Indonesia. Additionally, 100 prime residential markets globally saw average price growth of 5.2% and luxury investment assets grew 16%. The top 10 global locations for forecast growth are dominated by European and Asian economies. The region’s economic growth story will remain urban-centric, and its residential investment landscape will continue to be defined by its prime urban cores. Underpinned by its high rates of urbanisation, investors can look forward to a more sustainable growth trajectory and wealth preservation profile.”

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