New World Wealth: Vietnam to see wealth grow 125% over next decade

Vietnam is forecast to see growth in wealth of 125 per cent over the next ten years, according to a recent report from New World Wealth, a wealth intelligence firm based in South Africa, and Henley&Partners, a global leader in residence and citizenship by investment based in London.

This will be the largest expansion in wealth in the world in terms of GDP per capita and number of millionaires.

The increase in wealth will come as it cements its status as a global manufacturing hub, New World Wealth was quoted by the US business news website cnbc.com as saying.

“Vietnam is an increasingly popular manufacturing base for multinational technology, automotive, electronics, and clothing and textile firms,” Mr. Andrew Amoils, an analyst at New World Wealth, was quoted as saying.

Home to 19,400 millionaires and 58 centimillionaires, Vietnam is perceived as a relatively safe country compared to other nations in the Asia-Pacific region, he went on, which gives companies an extra incentive to set up manufacturing operations in the country.

A report from McKinsey also showed that Vietnam’s strategic location, low labor costs, and infrastructure in support of exports have all transformed the country into a prime destination for international investment.

Figures from the World Bank show that Vietnam’s GDP per capita has nearly doubled over the last decade, to $4,100.