HANOI, May 21 (Xinhua) -- Vietnam's personal financial assets market is projected to reach hundreds of billions of U.S. dollars in the next few years, Vietnam News reported Tuesday.
According to McKinsey's insight, the country's personal financial assets market will reach 600 billion dollars by 2027, growing at a rate of 11 percent per year from a baseline of 360 billion dollars as of the end of 2022.
Knight Frank's Wealth Report this year predicted that the number of ultra-high-net-worth individuals in Vietnam with net assets of 30 billion dollars or more will grow to 978 in 2028.
This poses an increase of around 30 percent in the next five years -- the fifth fastest growth rate in the Asia-Pacific region, after India (50.1 percent), China (47 percent), Turkey (42.9 percent) and Malaysia (34.6 percent), said the report.
The Vietnam News report cited financial and banking expert Le Xuan Nghia as saying that with a population of 100 million people, Vietnam's wealth management market could top in Southeast Asia in the next decade.
According to the Ministry of Labor, Invalids and Social Affairs, the middle class in Vietnam is expected to account for 26 percent of the country's population by 2026, up from 13 percent in 2023. ■