Vietnam sees rapid increase in wealthy pool

Vietnam saw its pool of wealthy individuals grow significantly in 2013, up 14.7 percent from last year, ranking second in Southeast Asia in term of the growth rate, according to the US ‘ Wall Street Journal.
The newspaper on September 12 cited the figure from a report from private wealth intelligence firm Wealth-X and the Swiss-based bank UBS.

In the country, there are 195 ultra-high net work individuals (UHNW – defined as those with assets of 30 million USD and up) controlling a combined 20 billion USD worth of assets, compared to 170 individuals with a total wealth of 19 billion USD the year before.

Every country in the region tracked by the report – Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam , saw the population of UHNW grow over the past year.

Thailand boasted the biggest growth of this specific group of wealthy, with its ultra-high net worth population up 15.2 percent to 720 individuals this year, compared to 625 in 2012. The wealth pool of these millionaires in Thailand has also grown, and they now control 110 billion USD in assets, up from 95 billion USD a year ago.

Indonesia has 865 UNHWs holding 130 billion USD worth of assets, up from 785 individuals with a total wealth of 120 billion USD recorded last year.

The article said frontier markets like Vietnam and Myanmar continue to hold promise for private bankers, too, with a steadily climbing consumer class and thriving rich elites.

Though UBS is not present in either country at present, the bank is watching both countries very closely and would be keen to look into servicing clients once rule of law and rules governing the financial industry become more transparent, the journal quoted Joseph Poon, head of Ultra High Net Worth for UBS Wealth Management in Southeast Asia, as saying.-VNA

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