What is considered a millionaire in Vietnam?

How many people in Vietnam are millionaires?

Okay, Vietnam millionaires… Hmm. Numbers are all over the place, right? No one really knows the exact number. Kinda frustrating!

Is it even USD millionaires we’re talking about? Or VND? Makes a HUGE difference!

• Wealth reports are dodgy anyway.
• Remember Uncle Hai always going on about his “millions”?
• Yeah, VND, lol. Silly old codger.

Growing number, for sure. But like, way less than Singapore or whatever. Obvs.

• Think I saw a report, maybe New World Health or Credit Suisse?
• I looked this up last year, same thing happened
• Could’ve been BCG, I read so many now

“Substantial” is vague, isn’t it? Wish someone would just nail down a number! It’s like the number of stray dogs in Saigon. Know what I mean?

• How does anyone count stray dogs?
• I have seen many in Phu Quoc Island, oh my!
• Maybe governments should count them

Ah well. Millionaires: many, but not that many. Good enough, I guess.

How many millionaires are in Vietnam?

Vietnam’s millionaire count exploded. We’re talking nearly 19,400 individuals in 2023. That’s almost double the 2013 figure, a truly astonishing growth spurt. Globally, no one’s richer faster. It’s mind-boggling, isn’t it? The sheer accumulation of wealth.

Beyond millionaires, the number of centi-millionaires — those with a net worth exceeding $100 million — hit 58 last year. Six billionaires complete the picture. This rapid wealth generation begs the question: how sustainable is this? It’s a topic for serious economists and, I suspect, for many late-night conversations in Hanoi’s finest bars.

Key factors fueling this boom are complex and multifaceted:

• Robust economic growth: Vietnam’s economy has been consistently strong in recent years.
• Foreign investment: Significant foreign investment has poured into the country, particularly in manufacturing and technology.
• Entrepreneurial spirit: A vibrant entrepreneurial scene has emerged, with many new businesses and startups contributing to wealth creation. Think Grab, for example. That’s changed everything.
• Real estate: The real estate market’s expansion has significantly contributed to individual wealth. My friend bought an apartment in Ho Chi Minh City a few years ago. Its value has, frankly, gone through the roof.

The data speaks for itself: Vietnam’s wealth trajectory is quite spectacular. But as my old economics professor, Dr. Nguyen, used to say, “Growth without equity is ultimately unsustainable.” Something to ponder. 19,400 millionaires, though. Wow.

Which country has the highest number of millionaires?

US reigns. Millionaires flock there. 56 million worldwide. Nothing else matters.

More on this, maybe:

• Wealth concentration is a global issue.
• Swiss bank, Credit Suisse, tracks this stuff.
• Other contenders? China always lurking.
• Real estate fuels much of it. I saw it in Miami.
• Tax havens play a role. Obvious, right?
• What’s a million anyway? Seriously.
• The gap widens. Isn’t it always that way?
• My ex made it. Good for her. Whatever.
• Changing economic tides will change everything. I’m sure of it.
• Watch Asia. It’s the future…probably.

Which country has the most millionaires?

Okay, which country, uh, right, millionaires.

• USA! Like, duh.

It’s gotta be the USA, seriously. All that tech money, Wall Street… ugh, Wall Street.

• Then maybe China?

They’re, like, building money there, right? Rapidly.

I saw my aunt last week. She invested something. Didn’t say what. Is she a millionaire? Nah. I don’t think so.

• What about Germany? They seem rich?

Mercedes-Benz! BMW! They are rich rich.

• Then Japan is on the list, no doubt.
• Oh! The United Kingdom. I always forget about them.

Wait, is Switzerland even a country, or just banks? Okay, it’s a country, but still mostly banks. They gotta have tons. My neighbor visited Switzerland last summer. Showoff.

It’s probably the USA though. Think about it. California alone!

That’s all for now.

More info (for some reason I need to add it):

• Wealth concentration, so uneven.
• Different investment strategies around the globe are wild!
• Global finance… it’s complicated.
• Wealth is not evenly distributed.

How much dong do I need per day?

Okay, so Vietnam, right? Hanoi to be precise. 2023. I remember being totally clueless.

It felt like forever trying to figure out the Dong situation.

I guess it depends. Legit restaurants? Yeah, $10-$15 a meal sounds about right. Think Cha Ca La Vong, that kind of place. Worth it, by the way.

Street food? Oh man, that’s the bomb! Like, bun cha from that lady near Hoan Kiem Lake? Seriously, a dollar or two. Dirt cheap and insanely good.

Basically, if you wanna live it up, budget more. If you’re okay with living like a local, which honestly is way better, then you could probably get by on $20-$30 a day, all in. Easily.

Oh! And don’t forget the bia hoi. It’s the cheapest beer ever. We’re talking like, 50 cents for a glass. Seriously!

Things to consider:

• Accommodation: Hostels are cheap; Hotels are not. Duh!
• Transportation: Grab is everywhere. Super convenient.
• Activities: Ha Long Bay cruises ain’t free, my friend!
• Shopping: Silk scarves are tempting. Resist! (Or don’t… your call.)
• Negotiating: Always haggle! Especially in the markets. No shame!
• Water: Bottled water is a must. Don’t drink the tap water.
• Tipping: Not expected, but always appreciated for good service. I did.
• Coffee: Vietnamese coffee is strong. Be warned! (But drink it anyway.)
• Unexpected Costs: I got robbed once, so… ya know. Be careful with your belongings. Pickpockets are a thing.
• SIM Card: Get a local SIM card when you arrive. Data is cheap, and it’s a lifesaver for navigating.