By Nguyen Quy  March 2, 2021 | 06:00 pm PT
A fashion shop in Hanoi. Photo by VnExpress/Phuong Anh.
The number of ultra-high net worth individuals in Vietnam fell by 4 percent last year to 390, U.K. property consultant Knight Frank reported.
The number of UHNWI, defined as those with a net worth of at least $30 million, including their primary residence, is expected to climb to 511 by 2025, according to its 2021 Wealth Report, which measures the size of wealth in more than 200 countries and territories and was released on Tuesday.
An individual in Vietnam now needs a net wealth of $160,000 to join the so-called ‘1 percent club’ of the richest people in the country of 98 million.
There were 19,491 people with a net worth of $1-30 million last year, down 6 percent from 2019. This number is projected to reach 25,812 in 2025.
Globally the number of UHNWIs rose by 2.4 percent last year to 520,000.
With the stock market booming after a brief fall in March, the number of Vietnamese billionaires rose to six by the end of last year, and their combined net worth was $16.2 billion, U.S. magazine Forbes reported.
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FAQs
The number of ultra-high net worth individuals in Vietnam fell by 4 percent last year to 390, U.K. property consultant Knight Frank reported. A fashion shop in Hanoi. Photo by VnExpress/Phuong Anh.
How many people in Vietnam are rich? ›
Vietnam's number of high-net-worth individuals, defined as those with assets worth at least $1 million, has also increased by 70% over the last five years, from 40,971 people in 2017 to 70,000 in 2022.
How much USD is considered rich in Vietnam? ›
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).
How much do you need to be in top 1% of Vietnam? ›
According to Knight Frank's report, in order to be included in the 1% richest people in Vietnam, one needs to have assets worth at least US$160,000. For Monaco, which has the world's densest population of super-rich, the entry point for the principality's branch of the 1% club is US$7.9 million.
How many billionaires are there in Vietnam? ›
The 2022 Forbes list of the planet's richest people features the highest ever number of Vietnamese billionaires at seven – a woman and six men worth $21.2 billion collectively.
Who is considered rich in Vietnam? ›
In Vietnam, you would need a net worth of at least $160,000 to be in the top 1% However, if you are looking to be considered ultra-wealthy in Vietnam, you would need a net worth of over $30 million.
Who is the richest group in Vietnam? ›
Pham, who is also chairman of parent Vingroup, is now Asia's fifth richest person, according to Forbes' data. Pham's other interests include real estate, retail, consumer electronics and healthcare through Vingroup, Vietnam's largest conglomerate by market value.
How much us dollars to retire in Vietnam? ›
How much does it cost to retire To Vietnam?
| Total Monthly Expense | $1350 |
|---|
| Visa Fees and Visa Run Travel Costs | 300 |
| Miscellaneous | 49 |
| Total Personal Care and Misc Expense | 369 |
| Exchange Rate to $1 USD to Dong (VND) | 23383 |
32 more rowsJul 31, 2023
💥 Cost of living in Vietnam (in 2022) : average in USD
Plan a minimum budget of $700/month if you are young or do not spend a lot. Your expenses may be up to $1,000/month if you want to be able to travel, enjoy the nightlife a bit more.
How much does a house in Vietnam cost? ›
In Vietnam, a 50m2 downtown house costs at least around $500,000, sometimes even higher. However, the average income of Vietnamese is just over $3,000 a year. Thus, it will take us more than 160 years-worth of income to purchase a house.
The average salary in Vietnam is 6.1 million Vietnamese Dong (VND) per month, according to the July 2021 press release by the General Statistics Office of Vietnam. As per the August 2021 exchange rate, this is equivalent to 277 USD/month. In Vietnam, it's common to pay employees a 13th-month salary as an annual bonus.
What net worth is top 1 percent? ›
Profit and prosper with the best of expert advice - straight to your e-mail.
- People with the top 1% of net worth in the U.S. in 2022 had $10,815,000 in net worth.
- The top 2% had a net worth of $2,472,000.
- The top 5% had $1,030,000.
- The top 10% had $854,900.
- The top 50% had $522,210.
For a more comfortable backpacker experience in Vietnam, it's best to budget around $50 per day. This way, you'll have more money to spend on things like food, drinks, activities and hotel rooms. For a comfortable mid-range experience in Vietnam, it's best to budget $60 to $100 per day for your entire costs.
Where do the richest people in Vietnam live? ›
Ho Chi Minh City (HCMC), also known as Saigon, is generally considered the wealthiest city in Vietnam.
What is the name of the richest woman in Vietnam? ›
Billionaire Nguyen Thi Phuong Thao
According to the latest update from Forbes, with an increase of US$3.1 billion in assets, Ms. Nguyen Thi Phuong Thao has become the 987th richest person in the world. Among female billionaires, Thao is the 119th richest person.
Who is the first billionaire in Vietnam? ›
Phạm Nhật Vượng (born 5 August 1968) is a Vietnamese property developer and Vietnam's first billionaire. He is the founder and chairman of Vingroup.
What percentage of Vietnam's population is poor? ›
In Viet Nam, 4.4% of the population lived below the national poverty line in 2021. In Viet Nam, the proportion of employed population below $1.90 purchasing power parity a day in 2022 was 1.2%. For every 1,000 babies born in Viet Nam in 2021, 21 died before their 5th birthday.
Is Vietnam a wealthy or poor country? ›
The World Bank In Vietnam. Vietnam's shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into a lower middle-income country. Vietnam now is one of the most dynamic emerging countries in East Asia region.
How much of the population of Vietnam is poor? ›
In 2022, the poverty rate in Vietnam was around 4.2 percent. In recent years, the rate of poverty has been decreasing steadily in the country thanks to economic progress and its positive impact on the living standards of the population.
What is the average income of Vietnam? ›
The average salary in Vietnam is 17.2 million Vietnamese Dong (VND) per month or 733 USD/month (according to the exchange rates in May 2023) — which is significantly lower than the average salaries in countries like the USA or UK.
