There’s no exact count of how many people in Vietnam have a net worth over 1,000 billion VND, but global consulting firms report that those with over 30 million USD (roughly 690 billion VND) make up a tiny fraction of the population.
Net worth means the total value of all your financial and non-financial assets minus any debts you owe. Assets include cash, investments, real estate, cars, or anything valuable you own.
According to global real estate consultancy Knight Frank, in 2020, a year heavily impacted by the Covid-19 pandemic, Vietnam lost over 1,000 millionaires and 15 ultra-high-net-worth individuals.
The 2021 Wealth Report states Vietnam had 390 ultra-wealthy people (worth over 30 million USD) in 2020, down by 15 from 2019. The number of millionaires (worth over 1 million USD) also dropped 6%, from 20,645 to nearly 19,500.
When you divide the ultra-wealthy by Vietnam’s 2020 population of 97.58 million (per the General Statistics Office), they represent just 0.0004% of the population.
Looking at the top 1% richest, Knight Frank’s latest data shows you need assets worth about 160,000 USD (around 3.7 billion VND) to make that cut.
However, some international experts say Knight Frank’s data might not capture everything. In countries like the US or Australia, real estate values are included in wealth stats based on market prices because property taxes are calculated that way. This makes their asset valuations more accurate. In other countries, rising home prices are treated as unusual income and taxed accordingly.
In Vietnam, there isn’t a system that quickly updates home price increases. So the 160,000 USD threshold for the top 1% might not fully reflect reality, especially since real estate is the biggest asset for most Vietnamese.
For those close to the ultra-wealthy mark or nearing 1,000 billion VND, there’s reason to be optimistic. Knight Frank predicts Vietnam’s ultra-rich population could grow by 31% between 2020 and 2025, one of the fastest rates worldwide. By 2025, Vietnam might have about 511 people worth over 30 million USD and more than 25,800 millionaires.
Earlier, the 2020 Wealth Report forecasted Vietnam as the fastest-growing country for ultra-wealthy individuals from 2014 to 2024: “As one of Asia’s fastest-growing economies, Vietnam’s ultra-wealthy population could increase by up to 430% during this period.” This growth far outpaces regional neighbors like Thailand (100%), Indonesia (114%), and Malaysia (67%).
What about stock market wealth? As of May 2021, Vietnam had 111 people with stock holdings worth over 1,000 billion VND, still a very small number compared to the population of about 98 million.
Knight Frank’s 2021 Wealth Report notes stocks make up about 25% of ultra-wealthy assets and were a key driver of wealth growth in 2020. With lockdowns and travel restrictions, many had more time to closely watch the stock market.
“Anyone who can time their stock buys or sales well based on market trends will benefit significantly,” the report states.
Regarding billionaires, Forbes’ 2021 global list includes six Vietnamese billionaires: Vingroup Chairman Pham Nhat Vuong, Hoa Phat Chairman Tran Dinh Long, VietJet Air CEO Nguyen Thi Phuong Thao, Techcombank Chairman Ho Hung Anh, Thaco Chairman Tran Ba Duong, and Masan Chairman Nguyen Dang Quang.
