The number of dollar millionaires in Vietnam has nearly doubled over the past ten years to 19,400 in late 2023, registering the world's fastest growth rate, according to a recent report by British investment migration consultancy Henley & Partners.

Vietnam’s millionaire population has grown an impressive 98 percent over the past decade, followed by China (92 percent), India (65 percent) and the U.S. (62 percent), the Henley Private Wealth Migration Report 2024 says.

The country also has 58 centi-millionaires, who have US$100 million or more in assets, and six billionaires.

In terms of absolute quantity, the U.S. ranked top in the world both in millionaires with 5.49 million people and in billionaires with 788 people, followed by China and Germany, according to the report.

Remaining in the top spots, Japan and the UK saw their numbers of millionaires slightly decrease by six and eight percent, respectively.

In Southeast Asia, Singapore led the region with 244,800 millionaires.

“The figures detailing the growth of centi-millionaires and billionaires over the past decade confirm a broader economic pattern across the globe: the growth of Asia and the relative decline of Europe,” the report cited Misha Glenny, rector of the Institute for Human Sciences in Vienna, Austria, as commenting.

China, India, South Korea, Singapore, and Vietnam have seen their numbers of high-net-worth individuals register a huge relative increase, Glenny said, adding that “this trend will continue as intra-Asian growth continues to surge.”

For Vietnam, the increase in the millionaire population reflects its rapid development, according to the report.

“Ho Chi Minh City, the nation’s economic hub, is at the center of this wealth boom, fueled by a dynamic business environment and rapid economic development,” remarked Jacky Poh, head of Southeast Asia at Henley & Partners.

In February 2024, Andrew Amoils, an analyst at New World Wealth, a global wealth intelligence firm based in South Africa, predicted that Vietnam will see a 125-percent jump in wealth over the next 10 years.

According to the firm’s analysis, this will likely be the largest growth in wealth of any country in terms of GDP per capita and number of millionaires.

“Vietnam is an increasingly popular manufacturing base for multinational tech, automotive, electronics, clothing, and textile firms,” CNBC quoted Amoils as saying.

The Vietnamese government has recently set the goal that at least 10 Vietnamese entrepreneurs will make it onto the global list of dollar billionaires, with five of them being recognized as the most influential in Asia by reputable international organizations, by 2030.

Currently, topping the list of Vietnam's six dollar billionaires is Pham Nhat Vuong, chairman of Hanoi-based conglomerate Vingroup, with a net worth of $4.4 billion, according to the 2024 Forbes list of the world's richest people released in April.

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