Vietnam Predicted to be Biggest Gainer in Centi-Millionaire Population

The fastest growing market for centi-millionaires, who boast $100 million or more in investable assets, over the next decade is forecast to be Vietnam, according to The Centi-Millionaire Report.

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A view of HCM City. Vietnam is expected to see strong growth of centi-millionaires in the real estate, technology, and financial services sectors. Photo dangcongsan.vn
A view of HCM City. Vietnam is expected to see strong growth of centi-millionaires in the real estate, technology, and financial services sectors. Photo: dangcongsan.vn

The Centi-Millionaire Report was recently released by leading international residents and citizenship investment advisory firm Henley & Partners, as reported by Viet Nam News.

According to the report, Vietnam is expected to experience a remarkable 95% growth rate, leading to an increase in centi-millionaires in the real estate, technology, and financial services sectors.

India is projected to have an 80% growth rate in individuals with a net worth exceeding $100 million USD by 2032.

Mauritius has also emerged as a popular destination for migrating centi-millionaires, with a predicted growth rate of 75% in this safe and business-friendly African island nation.

New Zealand and Australia are also expected to see exceptional growth rates of 72% and 60% respectively.

Despite accounting for only 4% of the world’s total population, the United States is home to an astonishing 38% (9,730) of global centi-millionaires. China and India rank second and third respectively, with 2,021 and 1,132 centi-millionaires, surpassing the main European markets in this measure.

Dr. Juerg Steffen, CEO of Henley & Partners, emphasizes that the $100 million plus bracket represents the best definition of “super-wealthy” in today’s world.

“The centi-millionaires are so affluent that they don’t need to worry about how much they spend,” he said.

Vietnam Forecast to be Fastest Growing Market for Centi-Millionaires
There appears to be no set path to attaining centi-millionaire status. Photo: Doanh nhan

“In fact, the level of wealth they have achieved means they are unlikely to ever worry about money again. Not long ago, in the late 1990s, $30 million USD was considered the fortune needed to meet this definition. However, asset prices have risen significantly since then, making $100 million USD the new benchmark.”

The report highlights that there is no specific formula for becoming a centi-millionaire, with some individuals inheriting their wealth while others have climbed their way to the $100 million mark.

Meanwhile, Forbes reports that seven Vietnamese individuals are among the 2,668 billionaires worldwide. The list includes prominent figures such as Pham Nhat Vuong, CEO of Vingroup; Nguyen Thi Phuong Thao, CEO of VietJet Air; Tran Dinh Long, Chairman of Hoa Phat Group; Ho Hung Anh, Chairman of Techcombank; Bui Thanh Nhon, Chairman of Nova Group; Tran Ba Duong, Chairman of Thaco; and Nguyen Dang Quang, Chairman of Masan Group.

Seven Vietnamese billionaires in Forbes’ 2022 list of the planet’s richest people. (Photo: cafebiz)
Seven Vietnamese billionaires in Forbes’ 2022 list of the planet’s richest people. Photo: cafebiz

Currently, Tesla CEO Elon Musk holds the title of the richest person on the planet, with a net worth of 219 billion USD. He is followed by Jeff Bezos, the CEO of Amazon; Bernard Arnault, Chairman and CEO of LVMH; and Bill Gates, co-founder of Microsoft.

Forbes calculated the net worth of individuals based on stock prices and exchange rates on March 11. The total number of billionaires this year is 2,668, 87 fewer than the previous year due to factors such as war, the pandemic, and sluggish markets.

Rosy Huong