Vietnam saw a 7.7 percent expansion of the population of ultra-rich individuals, or those with net assets of at least US$30 million, from 2013, the latest annual World Ultra Wealth Report shows.
The Southeast Asian country now has 210 ultra-wealthy individuals, whose assets are worth $20 billion collectively, according to the report compiled by wealth intelligence firm Wealth-X and the Union Bank of Switzerland.
India’s superrich population increased 9.5 percent from last year, with 745 people joining the mega-wealthy club, while the growth in Pakistan was as high as 12 percent, with 465 ultra-rich individuals.
Singapore and Thailand saw a small expansion of their ultra-wealthy populations, a mere three and 2.1 percent respectively, but the total amount of assets held by the Singaporean and Thai ultra-rich grew correspondingly by 12.5 percent and 22.7 percent, which means the rich became richer, according to the report.
Asia’s population of ultra-rich individuals is expected to exceed that of Europe in 2027, Nikkei Asian Review said, citing the report findings.
Asia is home to the third-largest number of super-rich, at 46,635 people, or 20 percent of the global total. The leader is North America, at 74,865 people, followed by Europe with 61,820.
The ultra-rich population in Asia has grown by 4.8 percent since last year’s report, slower than the 6.2 percent for North America, 6.5 percent for Europe, and six percent for the entire world.
Despite Asia’s current sluggish expansion, the report expressed confidence about the growth prospects for the continent’s ultra-rich population.
“We are still only in the early stages of an ongoing shift in wealth creation globally from West to East,” the report said.
“Asia will ultimately overtake Europe in terms of [the ultra-rich] population by 2027 and in terms of wealth by 2024, benefiting over the long haul from its strong entrepreneurial spirit and youth.”