Wine and Watch Imports and Car Sales in Vietnam

The report indicates by 2026 the country is expected to have 1,551 ultra-high net worth individuals (UHNWIs), compared to 1,234 last year.

Meanwhile, Knight Frank anticipates that the number of rich people, or those with a net worth of 1 million USD or more, including their primary residence, is set to rise sharply by more than 59% by 2026 from 72,135 individuals last year.

The report also notes a marked trend in terms of spending by ultra-rich and rich people on items such as watches and wine. Statistics show watch imports rose 28.2% annually in the 2016 to 2020 period, despite the impact of COVID-19.

Meanwhile, car sales and wine imports consistently maintained positive growth of 12.9% and 9.8%, respectively, between 2016 and 2019.