HCMC named among 10 global cities with fastest-growing millionaire populations

Vietnam's southern economic hub Ho Chi Minh City recently ranked ninth on a list of the 10 fastest-growing cities for the super-wealthy in the world.

According to a new report released by Henley & Partners, a global leader in residence and citizenship by investment analysis, and wealth intelligence firm New World Wealth, over the past decade (2012 to 2022), the number of high-net-worth individuals (HNWIs) in HCMC increased 82% to 7,700, including 15 centi-millionaires and three billionaires.

“This city is emerging as Asia’s next big millionaire hotspot. Rapidly expanding sectors include financial services, textiles, technology, electronics, telecoms, chemicals, and tourism,” the report said.

In 2022, HCMC’s gross regional domestic product increased by 9.03% year-on-year and exceeded its target of 6-6.5%. The city reported VND471.56 trillion ($20.1 billion) in budget revenue, 22% higher than previously estimated and up 23.6% from 2021. Its export revenue reached $49.5 billion, up 10.3% compared with the previous year.

Hangzhou city in China topped the list with growth of 105% to 30,400 HNWIs. It was followed by Austin in the U.S. and Shenzhen in China, with respective increases of 102% and 98%.

Also on the list were West Palm Beach (90%) and Scottsdale (88%) of the U.S.; Guangzhou (86%) of China; Bengaluru (88%) and Hyderabad (78%) of India; and Sharjah (84%) of the UAE.

HNWIs refer to individuals with investable wealth of $1 million or more. There are approximately 15 million such individuals in the world. Millionaire figures are rounded to the nearest 100.

Henley & Partners and New World Wealth also announced the Top 10 Wealthiest Cities in the World, including New York City, the Bay Area and Los Angeles of the U.S., Beijing, Hong Kong and Shanghai of China; London of the UK; Tokyo of Japan; Singapore; and Sydney of Australia.