Viet Nam's ultra-high net worth individuals, with US$30 million or more in total assets, would double to nearly 300 in the next 10 years, according to a recent report.

HA NOI (Biz Hub) — Viet Nam's ultra-high net worth individuals, with US$30 million or more in total assets, would double to nearly 300 in the next 10 years, according to a recent report.

VnExpress quoted the Knight Frank's Wealth Report 2014 as saying Viet Nam topped the list of fastest growing ultra-rich populations by country, forecast to increase 166 per cent from 2013 to 2023. Viet Nam was followed by Indonesia (144 per cent), Cote d'Ivoire (116 per cent), Kazakhstan (109 per cent) and Mongolia (100 per cent).

According to Knight Frank, Viet Nam's recent decision to allow foreign investors to hold larger shares at banks would help develop the local banking system.

Meanwhile, the Prime Minister's expected approval of larger foreign stakes in some listed firms, and the government's success in shifting the economic model from agriculture to industry and service, as well as in curbing inflation, would solidify the growth and create opportunities to raise individual citizens' wealth.

Knight Frank said that the country's largest urban centre, HCM City, was expected to lead the list of cities, with the number of ultra-rich tripling to 246 over the next decade.

Indonesia's Jakarta would come next, with their ultra-rich population surging 148 per cent, while China's Ordos and India's Mumbai would rank third and fourth with 141 per cent and 126 per cent growth, respectively.

However, it also noted that, HCM City's rapid growth had to be balanced against the fact that, as in many of the fastest growing cities, its ultra-rich population was evolving from a very low base. — VNS