HCMC ranks 9th globally in millionaire growth rate

By Dat Nguyen April 20, 2023 | 07:08 pm PT

Buildings in Ho Chi Minh City’s District 1. Photo by VnExpress/Quynh Tran

Ho Chi Minh City saw the ninth fastest growth rate globally in the number of millionaires last year, according to residence and citizenship advisory firm Henley and Partners.

Vietnam’s biggest city saw their numbers rise by 84% to 7,700 individuals, it said in the 2023 The World’s Wealthiest Cities Report.

As of last year HCMC had 15 people with a net worth of $100 million and three billionaires.

HCMC ranks 67th out of world’s 97 wealthiest cities.

The report computed wealth by including property, cash and shares.

HCMC is emerging as Asia's next big millionaire hotspot, and its rapidly growing sectors include financial services, textiles, technology, electronics, telecommunications, chemicals, and tourism, it said.

China’s Hangzhou topped the list with a rate of 105%, followed by the U.S.’s Austin (102%) and China’s Shenzhen (98%).

New York City had the highest number of millionaires at 340,000, followed by Japan’s Tokyo (290,300) and U.S.’s Bay Area (285,000).