This data is part of a report by New World Wealth (South Africa) and investment migration consultancy Henley & Partners (Switzerland).

Specifically, the number of USD millionaires in Vietnam grew by 98% from 2013 to 2023, the highest rate worldwide. Following Vietnam are China with 92%, Mauritius with 87%, India with 85%, UAE with 77%, Singapore with 64%, the USA with 62%, and South Korea with 28%.

By the end of 2023, Vietnam had 19,400 millionaires, a 98% increase over the past decade. Among them, 58 individuals have assets exceeding $100 million, and the country has six billionaires.

The USA leads the world with nearly 5.5 million millionaires, followed by China with 862,400, Germany with 806,100, Japan with 754,800, and the UK with 602,500.

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

New World Wealth has positive assessments of Vietnam. Besides having the fastest-growing number of USD millionaires in the past decade, the South African-based organization (which tracks the spending habits of the world's wealthiest individuals) forecasted in late February that Vietnam would see the fastest asset growth globally in the next decade, with an expected increase of 125%.

This means Vietnam is expected to have around 43,650 USD millionaires by 2034.

According to New World Wealth and Henley & Partners, Vietnam is solidifying its position as a global manufacturing hub and a destination for multinational companies in technology, automotive, electronics, apparel, and textiles.

A McKinsey report previously highlighted Vietnam's strategic position for rapid economic development, sharing a land border with China and proximity to major maritime routes. Vietnam is also seen as a low-cost labor country with a government focused on infrastructure development, making it a "prime destination" for FDI.

In the next decade, India is also expected to see strong growth, but with an estimated asset growth of 110%, which is lower than Vietnam's.

Six billionaires, 752 ultra-rich individuals

In mid-March, a Knight Frank report indicated that Vietnam has 752 ultra-rich individuals, defined as those with assets of $30 million or more.

Knight Frank also predicted that from 2023 to 2028, Vietnam would experience one of the fastest growth rates in the ultra-rich population globally, ranking fifth in the Asia-Pacific region with a 30% increase, trailing only India (+50.1%), China (+47%), Turkey (+42.9%), and Malaysia (+34.6%). Vietnam's growth rate for the ultra-rich is projected to surpass that of South Korea, Hong Kong (China), and Singapore.

By 2028, Vietnam is expected to have 978 ultra-rich individuals.

Knight Frank did not disclose the list of ultra-rich individuals in Vietnam. However, the stock market includes about 180 businesspeople and related individuals with assets valued at over $30 million from shares, including six billionaires.

According to Forbes, as of March 13, Vietnam had six representatives on the list of global billionaires, with a total asset value of $14 billion. Pham Nhat Vuong, Chairman of Vingroup (VIC), leads the list.

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

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

Vietnam also has many well-known and considered ultra-rich businesspeople not listed in any rankings, such as Nguyen Thi Nga (BRG), Vu Van Tien (Geleximco), Dao Hong Tuyen, and Johnathan Hanh Nguyen.

Manh Ha