HCMC the next big millionaire hotspot in Asia: report

By Minh Hieu   May 9, 2024 | 05:30 pm PT
HCMC the next big millionaire hotspot in Asia: report
A view of downtown HCMC in July 2023. Photo by VnExpress/Quynh Tran
The number of individuals with over US$1 million in net worth in HCMC has doubled in the last decade, making it Asia’s next big millionaire hotspot, a report has found.

The city now boasts 7,200 millionaires, 24 centi-millionaires, and 3 billionaires, according to London-based investment migration consultant Henley & Partners’ 2024 Wealthiest Cities Report.

Vietnam’s HCMC and Singapore are the only Southeast Asian cities featured in this year’s report, with the latter ranking as the fourth richest city globally.

The rise in HCMC’s wealthy population can be credited to its rapid growth across various sectors, including technology, financial services, electronics, tourism, and textiles, the report noted.

Henley & Partners’ findings align with an earlier forecast by global wealth intelligence firm New World Wealth, which speculated that Vietnam will see a 125% surge in wealth over the next decade.

This would be the largest expansion in terms of GDP per capita and number of millionaires for any country, it said in February.

U.K.-based property consultancy Knight Frank also issued a similar prediction in March.

It estimated that the number of ultra-high-net-worth individuals, whom it defined as those with net assets of over US$30 million, would top 1,000 by 2028.

This would mark a 30% growth over five years, the fifth fastest rate in Asia-Pacific, it noted.

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