Only appeared in Vietnam within the past 2 years, however, the "billionaire economy" is forecasted to explode strongly in the near future. Signaling a new trend of wealth accumulation for products with outstanding value "expensive in pieces" of the super-rich, especially the real estate sector when the number of transactions with expensive mansions worth millions of dollars is increasing dramatically.
The race of the super rich in the world
In 2021, Michael Spencer, the billionaire founder of NEX Group, became one of the lucky few to own Bombardier's Global 5500 jet for $45 million. At the time, private jet manufacturers said the pace of production could not keep up with record high demand from the super rich, leading to a fierce hunt.
Even during the outbreak of the pandemic, the prices of products classified as "wealth definition" have only increased without showing any signs of decreasing.
In the US, a seemingly paradoxical phenomenon has appeared, that is, despite the epidemic, the price of luxury villas still increases. Villa Mar de Amor, Malibu, California, which is known as the dream villa only billionaires can buy with a transaction price of up to 115 million USD.
Or like the Malibu, California beachfront villa being valued at $125 million. This villa is considered the ultimate beachfront property with direct ocean views.
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| Villas located close to the sea like Gran Meliá Nha Trang Vietnam are the highest rated on the ranking of super real estate that is interested by the tycoons. |
A study from SuperYacht Times also shows that the number of superyachts sold through mid-October 2021 has increased by about 60% compared to the same period last year. This number shows how strong the ability of the super-rich to pay is.
The world's billionaire economy is considered to be more exciting when the number of rich people is increasing. Not only recorded an increase in the number of people joining the list of billionaires, but the fortune of 500 richest people in the world also increased by more than 1 trillion USD even during the time of the Covid-19 pandemic raging globally in the second year. The pandemic, from another perspective, is an opportunity for astute investors to own luxury assets.
The billionaire economy in Vietnam
Five years ago, talking about a million-dollar mansion seemed like a far-fetched concept for Vietnamese. But in the past two years, the deals of spending millions of dollars to buy super-luxury, high-class villas of the rich have gradually become familiar. It is also an image showing the clear presence of the billionaire economy in Vietnam when the number of people joining the super-rich increases sharply.
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| The presence of billionaire island models has demonstrated the increasing demand for super-real estate ownership of the super-rich. |
According to the Wealth Report 2021 published by consulting firm Knight Frank, Vietnam has 390 super-rich people - UHNWI (owning 30 million USD or more), ranking 6th among ASEAN countries. The report also shows that the number of people owning assets of 1 million USD or more in Vietnam in 2020 is 19,491 people.
Knight Frank forecasts, in the period 2020 - 2025, the growth rate of the super-rich in Vietnam will reach 31%, equivalent to about 511 people owning assets over 30 million USD and more than 25,800 people owning assets over 1 million USD.
A previous announcement by research firm Wealth-X also said that Vietnam was among the top 10 economies with the fastest growth of super-rich people in the world in the period 2012-2017.
With such an increase, calculations by some economic organizations have forecast that the growth rate of the super-rich in Vietnam ranks third in the world, reaching 12.7% per year and is only behind Bangladesh (17.3%) and China (13.4%).
Without deviating from the "orbit" of the world, the increase in the number of rich people in Vietnam also means that the efficiency of super-luxury shopping has not decreased. The search for luxury yachts and villas spiked as the pandemic turned into a golden opportunity to accumulate "expensive" assets. This also explains the phenomenon of "hunting" fiercely in the resort real estate market for the recently recognized super-luxury product line.
However, the demand is high but the supply of this product line is extremely meager, the standards are strict, especially in the "new playground" like the Vietnamese market. A rare example is the million-dollar mansion Gran Meliá Nha Trang (a mansion belonging to the Gran Meliá Hotels & Resort brand), which is on the list of villas for billionaires, but only 90 people can own.
Commenting on the boom of the billionaire economy, experts say that the fertile ground for super-luxury products such as luxury real estate still has great room when the growth rate of the rich increases. But to create a product worthy enough and catch the eye of the "super-rich" is not easy.
Up to now, the Gran Meliá Nha Trang mansion is a super luxury product that meets the fastidious "taste" of the super-rich. Recently, to offer the opportunity to join the Club of Super Billionaires, the true upper world, Gran Meliá Nha Trang has also introduced to the market the Signature villa line with an impressive "The front is the sea-the back is the mountain- city center" terrain.
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| Smart design helps to ensure spectacular sea view for all villas |
Most especially, 100% of Signature villas have high elevation to ensure the entire sea view, as well as the entire million-dollar sunset view on the most beautiful bay in Vietnam.
The launch of this expensive product line is considered a new bright spot in the super-luxury real estate market, as well as further promoting the development of the billion-dollar economy in Vietnam, where only the super rich have the opportunity to accumulate outstanding quality assets with a long-term vision of outstanding value.
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