The average wealth of people in top 5% of the richest population in 2021 is 316,658 USD (equivalent to 7.8 billion VND).
According to data collected from the World Inequality Database, in 2021, top 5% of the richest people in Vietnam account for 46.9% of the country’s wealth, while top 10% of the richest people in Vietnam account for 59%. In contrast, the poorest 50% hold only 5.6% of the wealth.
World Inequality Database
The average wealth of people in the top 5% of the richest population in 2021 is 316,658 USD (equivalent to 7.8 billion VND), top 10% richest is 181,132 USD (equivalent to 4.1 billion VND). Meanwhile, the average wealth of the poorest 50% of the population is only 3,429 USD (nearly 78 million VND).
World Inequality Database
To be in the top 5% of the population with the largest assets in Vietnam, you need a minimum asset of 112,343 USD (nearly 2.8 billion VND), and to be in the top 10%, you need to have a minimum asset of 61,313 USD (nearly 1.4 billion VND).
However, these numbers may not fully cover all aspects, in the context that the assets of many Vietnamese people exist mainly in the form of real estate.
In developed countries, such as the US or Australia, a database of real estate values by market value will be included in the statistics because they levy taxes on the property’s market value. Therefore, when evaluating total assets, statistical firms will easily calculate asset values that are very close to market prices. In other countries, the increase in house prices will be attributed to irregular income and people have to pay taxes on that part of the irregular income. While in Vietnam, no department has quickly updated information about the increase in house prices.
Net worth is the value of all financial and non-financial assets owned minus all outstanding liabilities. Where assets include cash and investments, real estate, cars or anything else of value that you own.
The rich in Vietnam is forecasted to increase rapidly
According to Knight Frank’s 16th Prosperity Report, the number of the super-rich population (UHNWI) – those with 30 million USD or more – in Vietnam in 2021 is 1,234, down 1% from 1,247 of 2020, and the number of dollar millionaires is 72,135.
The number of super-rich people in Vietnam is forecast to increase by about 26% per year between now and 2026, reaching 1,551. While the number of millionaires in 2026 is expected to be 114,807 people. Thus, in just 4 years, there will be 1 million USD for every 850 people in Vietnam.
Another report, Centi-Millionaire recently published by investment consulting firm Henley & Partners, states that, with an astonishing 95% growth rate, Vietnam is forecast to be the fastest-growing market in the world. The world of millionaires owns 100 million USD or more over the next decade.
According to the report, the number of people with assets of more than 100 million USD will grow strongly in the real estate, technology and financial services sectors.