Vietnam has more than 19,000 USD millionaires, the fastest growing in the world

Vietnam has 19,400 USD millionaires by the end of 2023. Vietnam's USD millionaire growth rate is the fastest in the world in the period 2013-2023. The number of millionaires in Vietnam is forecast to double in the next decade.

The data has just been updated in a report by New World Wealth Company (South Africa) and investment migration consultancy Henley & Partners (Switzerland).

Specifically, the rate of increase in number USD millionaire Vietnam's GDP increased by 98% in the period 2013-2023, ranking first in the world. Following are China with a growth rate of 92%, Mauritius with 87%, India 85%, UAE 77%, Singapore 64%, USA 62%, South Korea 28%...

In absolute numbers, by the end of 2023, Vietnam had 19,400 millionaires, an increase of 98% over the past 10 years. Of these, 58 people had assets of more than 100 million USD. In total, there were 6 USD billionaires.

The US leads the world with nearly 5.5 million USD millionaires. China ranks second with 862,400 millionaires. Germany has 806,100 millionaires. Japan has 754,800. The UK has 602,500…

Some countries that have seen a decline in the number of USD millionaires over the past decade include the UK, Nigeria and South Africa... The UK has experienced post-Brexit instability, while some African countries have witnessed migration and economic instability...

Regarding Vietnam, New World Wealth has positive assessments. Not only has the number of USD millionaires increased the fastest in the world in the past decade, the South Africa-based organization (specializing in tracking changes and spending habits of the world's richest people) predicted at the end of February that Vietnam will witness the fastest growth in assets in the world in the next decade, with an increase of 125%.

Vietnam has the fastest growth rate in the number of USD millionaires in the world in the period 2013-2023. Source: NWW

This also means that Vietnam will have about 43,650 USD millionaires by 2034.

According to New World Wealth and Henley & Partners, Vietnam is strengthening its position as a global manufacturing hub and a destination for multinational technology, automotive, electronics, clothing and textile companies.

Previously, McKinsey's report stated that Vietnam has a strategic location that helps the economy develop rapidly. It shares a land border with China and is close to major shipping routes... Vietnam is also considered a country with low labor costs, while the government is promoting infrastructure construction, thereby turning Vietnam into a "prime destination" for FDI capital flows.

India is also forecast to grow strongly over the next decade, but its estimated asset growth of 110% is lower than that of Vietnam.

6 USD billionaires, 752 super rich

Previously, in mid-March, according to Knight Frank statistics, Vietnam had 752 super-rich people. These are people with assets of 30 million USD or more (about 765 billion VND).

According to Knight Frank, from 2023 to 2028, the growth rate of the super-rich in Vietnam is forecast to be the fastest in the world, ranking 5th in the Asia-Pacific region (with an increase of 30%), only behind India (+50.1%), China (+47%), Türkiye (+42.9%), Malaysia (+34.6%). The growth rate of the super-rich in Vietnam is forecast to be higher than that of South Korea, Hong Kong (China), and Singapore.

According to Knight Frank, by 2028, Vietnam will have 978 super-rich people.

Knight Frank has not released the list of Vietnam’s super-rich. However, on the stock market, there are about 180 businessmen and their relatives with assets from stocks worth over 30 million USD, including 6 USD billionaires.

According to Forbes, as of March 13, in the list of world USD billionaires, Vietnam has 6 representatives, with a total asset value of 14 billion USD. Mr. Pham Nhat Vuong, Chairman of Vingroup Corporation (VIC) is at the top of the list.

Number of USD millionaires in countries.

As of July 9, Mr. Pham Nhat Vuong had assets of 4.1 billion USD (down from 4.3 billion USD in April). Chairwoman of VietJet Air (VJC) Nguyen Thi Phuong Thao was in second place with 2.8 billion USD. Chairman of Hoa Phat (HPG) Tran Dinh Long was in third place with 2.6 billion USD. Chairman of Techcombank (TCB) Ho Hung Anh. Chairman of Thaco Tran Ba Duong, Chairman of Masan (MSN) Nguyen Dang Quang were in the next positions with 1.8 billion USD, 1.2 billion USD and 1.1 billion USD respectively.

The super-rich people on the stock market include: Ms. Pham Thu Huong (Mr. Pham Nhat Vuong's wife), Ms. Vu Thi Hien (Mr. Tran Dinh Long's wife); Ms. Nguyen Thi Thanh Thuy (Mr. Ho Hung Anh's wife); Ms. Nguyen Hoang Yen (Mr. Nguyen Dang Quang's wife); Mr. Do Anh Tuan (Sunshine); Ho Xuan Nang (Vicostone); Mr. Truong Gia Binh (FPT); Mr. Ngo Chi Dung (VPBank); Ms. Truong Thi Le Khanh (Vinh Hoan Seafood)...

In Vietnam, there are many famous businessmen and women who are considered super rich, even billionaires, but are not in any rankings such as: Ms. Nguyen Thi Nga (BRG), Mr. Vu Van Tien (Geleximco), island lord Dao Hong Tuyen, luxury goods king Johnathan Hanh Nguyen...

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