Vietnam Sees the Fastest Growth in Millionaire Population Globally
According to a recent report by New World Wealth, a global asset intelligence company based in South Africa, and Henley & Partners, a Swiss investment migration advisory firm, Vietnam has experienced the fastest growth in its millionaire population (individuals with a net worth of $1 million or more) worldwide. The study, which covered 90 countries and 150 cities, revealed that Vietnam’s millionaire population grew by an impressive 98% between 2013 and 2023, reaching a total of 19,400 individuals by the end of last year.
This rapid growth can be partly attributed to the low base comparison, as the number of millionaires in Vietnam was only around 9,800 in 2013. However, New World Wealth and Henley & Partners believe that the significant increase reflects the country’s recent economic success and indicates a rising trend in wealth accumulation. In line with this, Vietnam’s per capita income also increased by nearly 2.2 times during the same decade, rising from $1,960 in 2013 to $4,284 in 2023. This growth in GDP per capita showcases the dynamism and potential of Vietnam’s economy.
New World Wealth further predicts that Vietnam will experience the most significant asset growth globally, with a projected increase of 125% over the next ten years. Their analyst, Andrew Amoils, asserts that this rate of growth is the fastest compared to any other country, considering both GDP per capita and the number of millionaires.
In addition to the growing millionaire population, the Knight Frank Wealth Report, a leading global property consultancy, highlights that Vietnam has also witnessed a significant annual growth rate in the import of luxury goods. Between 2018 and 2022, the import of jewelry increased by 8%, cars by 26%, wine by 6%, and watches by 8%, as indicated by the Knight Frank Luxury Investment Index (KFLII).
Looking ahead, Knight Frank Luxury predicts that Vietnam’s ultra-high-net-worth population will reach 978 by 2028, reflecting a 30% increase compared to the previous year. This projected growth places Vietnam among the top five fastest-growing countries in the Asia-Pacific region, outpacing South Korea, Hong Kong, and Singapore.
Luxury Villas Cater to Vietnam’s Growing Affluent Population
The remarkable growth in Vietnam’s millionaire population has spurred the development of luxury real estate in the country. According to a report by Credit Suisse, the ultra-wealthy often seek to own grand villas that reflect their unique style and meet stringent requirements. Moving away from the trends of massive stone-clad or gold-plated villas or expensive centrally located apartments, the affluent are now prioritizing scenic surroundings, spacious and secure environments, and a community of like-minded, successful neighbors.
Understanding this shift in preferences, Nam Cuong, a leading developer in Hanoi, is creating an exclusive enclave for the elite in the city’s prime western area. An Quy Villa and Solasta Mansion are being developed as a villa community that offers both luxurious amenities and a resort-like atmosphere, surrounded by lush greenery and water features.
Located in Zone A of the new Duong Noi Urban Area, An Quy Villa comprises 374 modern villas with areas ranging from 157 to 263 square meters. Emphasizing functionality and a low building density, the project offers a classy, comfortable, and cozy living environment. Just a 5-minute drive from the heart of Hanoi, An Quy Villa provides easy access to key locations such as the National Convention Center and My Dinh Stadium.
In close proximity, Solasta Mansion is strategically positioned adjacent to the extended To Huu Street and benefits from the newly developed Ring Road 3.5 and Ring Road 4. With a total of 653 commercial and high-end residential villas spanning areas from 170 to 425 square meters, Solasta Mansion seamlessly blends into its natural surroundings. Featuring high ceilings and floor-to-ceiling windows, the villas offer a sense of spaciousness and capture breathtaking views of the lush landscapes.
Solasta Mansion villas are filled with natural light and fresh air.
In essence, An Quy Villa and Solasta Mansion embody the epitome of luxurious living, surrounded by nature’s serenity. By catering to the evolving needs of a new class of elites who value their well-being and appreciate the finer things in life, these projects are poised to become the benchmark for upscale real estate in Vietnam.
Territory-based credit policy in Ho Chi Minh City shows nearly 39% growth
Credit programs, not only support and assist the poor and vulnerable, who are the main subjects of policies in Ho Chi Minh City, with capital for production and business to create livelihoods and employment opportunities, but also play a significant role in the direction of sustainable economic development, economic growth, and social security ensured by the Government.
Looking back at meaningful credit policies
Results in overcoming obstacles, recovery, and business growth, as well as macroeconomic stability, are greatly influenced by credit and policy credit.
TPHCM’s economy may grow by 6-7.12% in Q1/2024.
With a favorable scenario in the first quarter of 2024, Ho Chi Minh City is expected to experience a growth rate of 6-7.12%.
Will Vietnamese fruit and vegetable exports set a new record?
From the beginning of 2024, the export field of vegetables and fruits in Vietnam has received positive signals, with the estimated export turnover of over 500 million USD. With the current market trends, the vegetable and fruit industry is forecasted to set a new record and contribute 6-6.5 billion USD to the agricultural sector in 2024.
