There is no accurate statistic on the number of individuals with a net worth of over 1 trillion VND in Vietnam, but according to reports from global firms and consulting companies, the number of people with over 30 million USD (approximately more than 690 billion VND) in Vietnam also represents an extremely small proportion of the population.
The value of net worth is the value of all financial and non-financial assets owned minus all outstanding debts. This includes cash and investments, real estate, cars, or any other valuable items you own.
According to statistics from global real estate consulting firm Knight Frank, in 2020 alone, a year when the whole world was severely affected by the Covid-19 pandemic, Vietnam lost more than 1,000 millionaires and 15 billionaires in 2020.
The Wealth Report 2021 states that Vietnam had 390 billionaires (with a net worth of 30 million USD or more) in 2020, which is 15 fewer than in 2019. Notably, the number of people with a net worth of 1 million USD or more in Vietnam decreased by 6%, from 20,645 to nearly 19,500 people.
So, if we take the number of billionaires and divide it by Vietnam’s population of 97.58 million in 2020 (according to the General Statistics Office), the number of billionaires only accounts for 0.0004% of the population.
If we look at the top 1% of the wealthiest population, according to the latest data from Knight Frank, to be in this top 1%, one needs to have a net worth of 160,000 USD (equivalent to 3.7 billion VND).
However, some international experts argue that the data from Knight Frank may not fully encompass all aspects. In some countries, such as the US or Australia, databases on property values at market price are included in statistics because they are taxed based on market value. Therefore, when assessing total assets, statistical companies can easily calculate values very close to market prices. In other countries, rising property prices are considered extraordinary income and citizens must pay taxes on that extraordinary income.
In Vietnam, however, no department has updated information quickly regarding the increase in property prices. Thus, the figure of 160,000 USD to be in the top 1% of the richest in Vietnam may not accurately reflect reality. Especially since real estate is generally the largest asset for people in Vietnam.
Moreover, those who are “on the verge” of becoming billionaires or close to reaching the 1 trillion VND mark have every reason to be more optimistic. Knight Frank’s report also predicts that the growth rate of the super-rich class in Vietnam from 2020 to 2025 could reach 31% – one of the strongest growth rates in the world. By 2025, Vietnam could have around 511 people with a net worth of over 30 million USD and more than 25,800 millionaires.
In the previous Wealth Report 2020, Knight Frank also predicted that Vietnam would be the fastest-growing country for billionaires in the world during the 2014-2024 period: “As one of the fastest-growing countries in Asia, the number of billionaires in Vietnam could increase by up to 430% during this period.” This growth figure is also significantly higher than that of countries in the region such as Thailand (100%), Indonesia (114%), Malaysia (67%), etc.
So what about assets on the stock market? According to statistics from May 2021, Vietnam has 111 individuals with assets worth more than 1 trillion VND on the stock market – and this number is also very small compared to a population of about 98 million people.
The Wealth Report 2021 from Knight Frank states: stocks – which account for about 25% of the assets of the super-rich, were the main drivers that helped their wealth grow significantly in 2020. With governments imposing lockdowns and travel restrictions, they had more time to monitor the stock market.
“Anyone who can correctly identify the right time to buy or sell stocks based on market developments will benefit significantly,” the report states.
Regarding billionaires, according to the latest global billionaire list released by Forbes magazine (USA) in 2021, Vietnam has 6 representatives: 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.