Vietnam sees fastest growth in millionaires globally

The data was derived from a recent report by global wealth intelligence firm New World Wealth and Swiss investment consultancy Henley & Partners.

Vietnam sees fastest growth in millionaires globally

New World Wealth, headquartered in South Africa, specialises in tracking the spending habits and trends of the world's wealthiest individuals. Their research spans 90 countries and 150 cities worldwide, with a particular focus on Asia and Africa.

They collect data from their internal research division, often concentrating on company founders and individuals holding positions such as president, CEO, director, and manager. Since 2022, the company has been releasing annual reports covering various topics, including millionaires, real estate, cryptocurrencies, and the migration of wealthy individuals.

The report highlights that while the United States remains the global leader in the number of millionaires with over 5.4 million, emerging economies like Vietnam, China, and India have seen the fastest growth rates.

As of the end of last year, Vietnam had 19,400 millionaires, marking a 98 per cent increase over the past decade. However, only 58 individuals have assets exceeding $100 million, and there are just six billionaires in the country.

Vietnam's high growth rate in millionaires is partly due to a low initial base of nearly 9,800 individuals in 2013. Nevertheless, the report attributes this rapid growth to Vietnam's recent economic success and suggests that the trend of wealth accumulation will continue to rise.

Vietnam's economy has shown impressive growth during the evaluated period, aside from the years 2020 and 2021, which were impacted by the Covid-19 pandemic. As the pandemic was brought under control in 2022, the economy rebounded with a GDP growth of over 8 per cent - the highest in over a decade.

Average income nearly doubled during the same 10 years, from $1,960 in 2013 to $4,284 in 2023, reflecting the dynamic nature of the economy. Previously, New World Wealth predicted that Vietnam would see the most significant wealth growth globally, at 125 per cent over the next decade.

The US still has the largest number of millionaires globally with a 62 per cent increase. China is approaching the milestone with nearly one million millionaires, making it the second country to reach this benchmark after the US.

In contrast, the United Kingdom has experienced a slight decline in its number of millionaires over the past decade, influenced by factors such as Brexit and other economic uncertainties, highlighting the challenges faced by developed economies.

African nations like Nigeria and South Africa have also seen a reduction in their millionaire populations, partly due to migration and economic instability. Nigeria's struggle with currency depreciation has further impacted its wealthy class, while South Africa recorded a significant 20 per cent decline in the number of millionaires.

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