- April 19, 2023
- Posted by: GBS
- Category: Economics
Vietnam’s Ho Chi Minh City has been identified as one of the fastest-growing cities with an increase of 82% in the number of people with a net worth of over $1 million, according to the New World Wealth report by Henley & Partners.
The report also identified the wealthiest cities in the world, with the US, Japan, and China dominating the top spots.
New York was identified as the wealthiest city in the world, followed by Tokyo, Japan. The US and China contributed the most cities to the top 10, with three each, while London, Singapore, and Sydney rounded out the list. Vietnam’s Ho Chi Minh City was the only representative from the country, ranking 67th.
While the report suggests that countries with programs supporting capital mobility and encouraging foreign direct investment in exchange for residency rights have the highest representation on the list, the Asia-Pacific region has the highest growth rate of millionaires globally.
Ho Chi Minh City is not the only fast-growing city in the region, as Hangzhou and Shenzhen have also seen a doubling in the number of millionaires in the past decade. However, the report also identified a decrease in the number of rich people in some areas, such as Moscow, St. Petersburg, Istanbul, Hong Kong, and London.
Related: Here’s how to register a foreign invested company in Vietnam’s Ho Chi Minh city
It is worth noting that the Henley & Partners report does not cover all regions, as some regions with significant numbers of billionaires and millionaires were not mentioned. For example, Thailand has 34 billionaires, and Taiwan island has over 40 billionaires, but none of their cities were mentioned in the report.
In conclusion, Ho Chi Minh City is one of the fastest-growing cities with a growing population of millionaires, which is reflective of the wider trend in the Asia-Pacific region. The report also highlights the need to consider all regions when compiling such lists.