There is now a greater number of millionaires and billionaires in Vietnam as a result of the country’s rapid economic development.
The number of billionaires in Vietnam is expected to grow by about 31% per year between 2020 and 2025, making the country one of the fastest growing in the world.
A 25-story hotel with four basements covering 120,000 square meters is located on the bank of Giang Vo Lake (Hanoi). The total investment capital can reach up to $100 million USD. In Hanoi, the Dolce by Wyndham Hanoi Golden Lake is referred to as a “6-star” hotel. Nguyen Huu Duong and his associates are the owners.
The Worldkings and the Vietnam Records Organization have given Dolce by Wyndham Hanoi Golden Lake the certificate for “the hotel with the exterior of gilded brick and the most amount of interior equipment and gilded dishes and drinks in the world”.
This hotel’s most expensive room costs nearly 200 million VND per night, while the cheapest room costs around 3 million VND per night.
Many other super luxury hotels in the country are owned and managed by Vietnamese.
According to data from the General Department of Customs, Vietnam imported more than 160,000 CBU cars in 2021, including 109,728 five-seaters, a 45.2 percent increase over 2020. Every month, more than 9,000 new cars arrive in Vietnamese ports. The demand for automobiles in Vietnam is increasing.
Despite Covid-19, Vietnamese consumers in 2021 were still willing to spend hundreds of thousands or millions of dollars on supercars. Super luxury cars are becoming increasingly common on Vietnamese streets, particularly in major cities such as Hanoi and Ho Chi Minh City.
Porsche opened its first Porsche Studio in Hanoi in March of this year. It’s one of a number of luxury car brands vying for a piece of the Vietnamese luxury car market.
How many are the billionaires in Vietnam?
Everything from a gold-plated hotel to ultra-luxurious apartments to flashy sports cars demonstrates that billionaires in Vietnam are on the rise more than ever.
According to Dr. Nguyen Vu Hoang, the super-rich or ultra-high net-worth individuals (UHNWI) have assets worth at least $30 million USD. Vietnam is one of the few countries that has experienced relatively rapid economic growth in the last 20 years. The middle, rich, and super-rich classes are growing at one of the fastest rates in the world.
According to Knight Frank’s most recent property report, Vietnam’s millionaire growth rate will be 32 percent from 2020 to 2025, while the growth rate of billionaires in Vietnam with total assets exceeding $30 million USD will be 31 percent.
According to the report, Vietnam has approximately 19,500 millionaires (those with assets of at least 1 million USD). That number is expected to rise to 25,000 by 2025, a nearly 25% increase. After Singapore, Indonesia, and Thailand, Vietnam has the fourth-highest number of millionaires in Southeast Asia.
With 390 super-millionaires, Vietnam ranks sixth among ASEAN-6 countries in terms of the number of billionaires in Vietnam with assets worth more than $30 million USD. According to Forbes, Vietnam currently ranks sixth in Southeast Asia in terms of the number of USD billionaires. It is expected to have 511 billionaires in Vietnam by 2025.
According to Forbes, the six Vietnamese billionaires had a combined net worth of $19.5 billion USD as of December 23, 2021. This list of six richest billionaries in Vietnam includes Pham Nhat Vuong as the richest person in Vietnam, with a fortune of 7.5 billion dollars. He is followed by Tran Dinh Long, who has a fortune of 3.1 billion dollars, Ha Hung Anh, who has a fortune of 2.6 billion dollars, Nguyen Thi Phuong Thao, who has a fortune of 2.5 billion dollars, Nguyen Dang Quang, who has a fortune of 2.2 billion dollars, and Tran Ba Duong, who has 1.6 billion dollars.
1,500 billionaires in Vietnam in 2026
According to the 2022 Knight Frank Wealth Report, the number of people in Vietnam with assets worth $30 million or more will exceed 1,500 by 2026.
According to Knight Frank’s most recent wealth report, the country’s wealthy population will increase by 26% by 2026 to 1,551 from 1,234 in 2021. The country’s expansion is expected to be comparable to that of Hong Kong and Taiwan.
By 2026, the country’s population of wealthy individuals with a net worth of $1 million or more will have increased by 59 percent to over 114,800. Vietnam had an estimated 72,135 wealthy individuals last year.