A fashion shop in Hanoi. Photo by VnExpress/Phuong Anh. 

The number of ultra-high net worth individuals in Vietnam fell by 4 percent last year to 390, U.K. property consultant Knight Frank reported. 

The number of UHNWI, defined as those with a net worth of at least $30 million, including their primary residence, is expected to climb to 511 by 2025, according to its 2021 Wealth Report, which measures the size of wealth in more than 200 countries and territories and was released on Tuesday.

An individual in Vietnam now needs a net wealth of $160,000 to join the so-called ‘1 percent club’ of the richest people in the country of 98 million.

There were 19,491 people with a net worth of $1-30 million last year, down 6 percent from 2019. This number is projected to reach 25,812 in 2025.

Globally the number of UHNWIs rose by 2.4 percent last year to 520,000.

With the stock market booming after a brief fall in March, the number of Vietnamese billionaires rose to six by the end of last year, and their combined net worth was $16.2 billion, U.S. magazine Forbes reported.