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Number of millionaires almost doubles in decade
Viet Nam experienced the fastest growth in millionaires globally between 2013 and 2023, with a 98 percent increase in the number of individuals with a net worth of over US$1 million.
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Emerging economies like Viet Nam, China, and India have seen the fastest growth rates, according to a recent report by global wealth intelligence firm New World Wealth and Swiss investment consultancy Henley & Partners.
As of the end of last year, Viet Nam had 19,400 millionaires, marking a 98 percent increase over the past decade.
The Southeast Asia country has 58 centi-millionaires or those who have at least US$100 million, and six billionaires.
Viet Nam'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 the nation's recent economic success and suggests that the trend of wealth accumulation will continue to rise.
Viet Nam's economy has shown impressive growth during the evaluated period, except 2020 and 2021 due to the impacts of the COVID-19 pandemic. As the pandemic was brought under control in 2022, the economy rebounded with a GDP growth of over 8 percent-the highest expansion in over a decade, noted the report.
Average income nearly doubled during the same 10 years, from US$1,960 in 2013 to US$4,284 in 2023, reflecting the dynamic nature of the economy.
New World Wealth, headquartered in South Africa, specializes 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./.
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