Vietnam is forecasted to be fastest-growing market in the world in terms of the number of millionaires owning over 100 million USD in the decade.
According to the Centi-Millionaire report just published by investment consulting firm Henley & Partners, with an amazing growth rate of 95%, Vietnam is forecast to be the world’s fastest-growing market for millionaires owning 100 million USD or more over the next decade.
According to the report, the number of people with assets above 100 million USD will grow strongly in the real estate, technology and financial services sectors.
Next is India with a forecasted growth rate of 80% in the number of individuals with assets worth over 100 million USD by 2023.
An area in Ho Chi Minh City today (photo: Pham Nguyen).
The Centi-Millionaire report is the first global study of 25,490 USD millionaires in the world, showing a picture of the growing super-rich in technology, finance, multinational CEOs as well as heirs.
If in the late 1990s, 30 million USD was considered super rich, but today according to Mr. Juerg Steffen – CEO of Henley & Partners, 100 million USD is considered “super rich”.
“Centi-millionaires (only those with 100 million USD or more) are people who are so rich that they don’t need to think about how much money they spend. In fact, the level of wealth they achieve makes them never worry about money,” he said.
According to the report, the US remains the home of centi-millionaires globally, with 9,730 people, accounting for 38% of the global millionaires. Followed by China and India with 2,021 people and 1,132 people respectively. England ranked 4th with 968 people, followed by Germany with 966 people, ranked 5th.
Despite the small size of the population, Switzerland also ranks 6th in the number of millionaires with assets of 100 million or more with 808 people. Japan (765 people), Canada (541 people), Australia (463 people) and Russia ranked 10th with 435 people.
According to the report, there is no fixed path to becoming a centi-millionaire, some inherit wealth, some make their own in different business fields.
However, the report also points to some growing generational differences. That is, while more and more young tech entrepreneurs are joining the 100 million USD millionaire club, millionaires from the Baby Boomers generation (those born between 1946-1955) still tend to dominate listings, although many are now making money from stock options and selling their businesses.
Financial journalist Misha Glenny – author and contributor to the Centi-Millionaire report – said: “At 57% growth, the growth rate of the number of 100 million USD millionaires in Asia will be twice as fast as Europe’s and the United States over the next decade, with a major focus on China and India”.
@ Vietnamnet
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Source: Vietnam Insider