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    Over next decade, Vietnam forecast to be fastest growing market for centi-millionaires

    VNS – The fastest growing market for centi-millionaires, who boast USD100 million or more in investable assets, over the next decade is forecast to be Vietnam, according to The Centi-Millionaire Report.

    Under the report released recently by leading international residence and citizenship by investment advisory firm Henley & Partners, with an astonishing 95-per-cent growth rate predicted, this emerging Asian manufacturing hub is expected to see a strong growth of centi-millionaires in the real estate, technology, and financial services sectors.

    India is next in line with an anticipated 80-per-cent growth rate in individuals worth more than USD100 million by 2032. Mauritius has recently emerged as a hot spot for migrating centi-millionaires, with growth of 75 per cent predicted for this safe, business-friendly African island nation. Three other countries on the continent make it into the top league of fastest growing centi-millionaire markets ­ in the next decade – Rwanda (70 per cent), Uganda (65 per cent), and Kenya (55 per cent).

    New Zealand and Australia are also forecast to enjoy exceptional growth with 72 per cent and 60 per cent, respectively.

    The United States (US) is home to an astonishing 38 per cent (9,730) of global centi-millionaires, despite constituting only four per cent of the world’s total human population.

    The big emerging markets of China and India follow in second and third place, with populations of 2,021 and 1,132 centi-millionaires, respectively. They rank significantly higher than the main European markets by this measure, with the United Kingdom in fourth place (with 968 centi-millionaires) followed very closely by Germany in fifth place (with 966).

    Vietnam is expected to see strong growth of centi-millionaires in the real estate, technology, and financial services sectors. PHOTO: VNS

    Punching above its weight, Switzerland ranks sixth on the list with 808 inhabitants worth more than USD100 million despite its small size and population. Japan (765), Canada (541), Australia (463), and finally Russia (435) make up the rest of the top 10 countries for centi-millionaires.

    As Chief Executive Officer of Henley & Partners Dr Juerg Steffen points out, the USD100 million plus band represents the best definition in today’s world of what it means to be “super-wealthy”.

    “The centi-millionaire is someone so affluent that they don’t need to think about how much they spend,” he said.

    “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, USD30 million was considered the fortune needed to meet this definition.

    “However, asset prices have risen significantly since then, making USD100 million the new benchmark.”

    According to the report, there appears to be no set path to attaining centi-millionaire status; some inherited their wealth while others worked their way up to the USD100-million mark.

    However, the report does point out some notable generational differences. While a growing number of younger entrepreneurs who founded successful tech companies are newcomers to the club, Baby Boomers still tend to dominate the centi-millionaire circle despite many now cashing in their stock options and selling their businesses.

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