More Vietnamese millionaires, but income gap widens

Jun 26, 2012. The number of U.S. dollar millionaires in Vietnam as bright spots in the economy in last year’s first half increased by 33% from the previous year’s same period, but the dark side is that the rich-poor gap remains wide, according to the Central Institute for Economic Management (CIEM).

In a report on income gap reduction, CIEM cited results of a survey conducted by the wealth management firm Merrill Lynch Global Wealth Management and the consulting firm Capgemini on U.S. dollar millionaires in Asia in the first half of last year.

According to official statistics of the Vietnam Stock Exchange, the number of U.S. dollar millionaire in Vietnam amounted to nearly 170 last year, with 100 richest people on the stock exchange holding assets worth over US$ 2 million each and two people meeting requirements of the US$ 100-million club.

However, CIEM also cited a report of the Ministry of Labor, War Invalids and Social Affairs issued last year, saying that the number of poor households nationwide was one million, up 50% under the new poverty standards and accounting for 20% of the population.

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