Viet Nam ranked second, following Bangladesh, in the top 10 fastest growing wealth markets from 2010 to 2019.
Wealth-X revealed the ranking in its new report titled “A Decade of Wealth”.
The report takes a look back at the growth of the global wealthy population over the past decade, while also forecasting the trends that will help shape future growth in the coming years.
Both Viet Nam and Bangladesh had robust economic growth supported by a young and expanding workforce and deepening integration in regional manufacturing supply chains, says the report.
It says the country’s strong growth in wealthy populations was also partly a reflection of having a low base of comparison (i.e. both countries had a comparatively small number of wealthy individuals back in 2010).
The number of super-rich has also increased faster than most of Asia over the past decade. Asia is home to six of the 10 fastest growing wealth markets.
The global wealthy population expanded by over 50 per cent in the past decade, the report says.
While only comprising a fraction of the world’s adult population, wealthy individuals (those with US$1 million or more in net worth) controlled almost a third of global private wealth last year — a whopping $104 trillion, up from $50 trillion in 2005 and $69 trillion in 2010.
Over this period, growth rates of the global wealthy population and their combined net worth were similar for both very high net worth individuals – those with $5-$30 million in net worth and ultra high net worth – those with $30 million or more in net worth.
The report also forecasts that the technology sector will make a strong breakthrough in the coming years, while banking, business and consumer services were sectors with the most super-rich people in the previous decade.
Wealth-X report says the proportion of super-rich people in the technology sector will increase significantly, because technology businesses can overcome the COVID-19 crisis quite easily and can scale up faster than traditional industries.
Founded in 2010, with offices across North America, Europe and Asia, Wealth-X provides unique data, analysis, and insight to a growing roster of over 500 clients.