Vietnam Wealth Growth Ranks No.1 over The Past 10 Years
This Asian country’s wealth has grown by 210% in the last 10 years and it is not China. Between 2007 and 2017, Vietnam’s wealth grew 210% and the market is predicted to continue growing another 200% in the next 10 years, according to a report by market research company New World Wealth and interpreted by Visual Capitalist.
How Vietnam achieved such incredible leap of growth requires a rather complicated analysis, however, Vietnam’s emergence as a global manufacturing hub has contributed to bring it to the No. 1 spot on a list of countries around the world ranked by wealth growth over the past 10 years.
Vietnam is emerging as a new global manufacturing hub. Photo: financialtribune.com
In addition, much of Vietnam wealth growth can be attributed to the surge in ultra high net worth individuals living in the country, defined as people with investable assets of at least $30 million, excluding personal assets and property such as a primary residence, collectibles and consumer durables. There are at least 200 ultra high net worth individuals in Vietnam, a 320% increase between 2000 and 2016, according to The Wealth Report by Knight Frank.
And analysts cite low labor costs and a highly specialized workforce as the key to propelling Vietnam to the top of Southeast Asian supply chains, leading to a substantial jump in foreign direct investment.
China saw the second most growth over the past 10 years in the world. The number of ultra high net worth individuals in China rose by 281% between 2000 and 2016.
The country’s rising economy, foreign investments and exciting entrepreneurial scene is molding it into one of the best places in Asia to start a career or look for internship opportunties. The low cost of living and abundance of job opportunities have been an extremely appealing feature to a large number of foreigners to Vietnam. The major cities like Ho Chi Minh City, Ha Noi, Da Nang or Hoi An, each owns a unique culture but all are offering abundant job opportunties for internationals. The Vietnamese coastal city of Da Nang for the first time in 2018 earned a spot on “Live and Invest Overseas’ 10 best places to live overseas.”
Here are the world’s top 10 countries by wealth growth (in terms of U.S. dollars):
Meanwhile, not all countries have experienced a growth in wealth during that period. Venezuela was hit particularly hard, seeing a 48% decrease in wealth. Many European countries, including Greece, Italy and Spain were also hit particularly hard due to the 2008 financial crisis and the ensuing sovereign debt crisis.
The countries saw the greatest wealth decrease over the last 10 years:
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