HO CHI MINH CITY, 20 April 2023: Marriott International has signed agreements with Vinpearl, Vietnam’s largest hospitality and leisure chain, for an additional seven hotels and resorts comprising more than 2,500 rooms.
These seven hotels add to eight hotels announced in 2022 when Marriott first entered into agreements with Vinpearl. It will make the hotel developer Marriott’s largest owner in Vietnam, with 15 hotels and resorts.
“This signing marks another milestone in our collaboration with Vinpearl, and we are delighted to strengthen our collaboration with these additional signings,” highlighted Marriott International president, Asia Pacific excluding China, Rajeev Menon.
“With new locations earmarked in important tourism hubs such as Danang and Nha Trang, our anticipated inaugural resort in the popular cultural town of Hoi An, and the anticipated first internationally branded five-star hotel in Bac Ninh, we are well-positioned to meet Vietnam’s diverse hospitality needs in primary, secondary and tertiary destinations.”
Three of the seven newly-signed hotels and resorts are conversions due to join the Marriott system later this year.
Nha Trang Marriott Resort & Spa, Hon Tre Island, will feature 829 rooms – 403 rooms and suites, plus 426 private villas.
Renaissance Hoi An Resort & Spa marks Marriott International’s entry into Hoi An. The resort is slated to feature 193 rooms and suites and 25 private villas.
Danang Marriott Resort & Spa Non Nuoc Beach Villas will feature a collection of pool villas on Non Nuoc Beach near downtown Danang.
Four new builds comprising more than 1,200 rooms are expected to open by 2028, starting with Ninh Marriott Hotel, due to open in 2026 in the northern province of Bac Ninh, close to Hanoi.
Marriott International operates 16 hotels and resorts in Vietnam. In the coming years, debuts of several exciting brands are expected in the country, such as The Ritz-Carlton, Westin Hotels & Resorts, Element by Westin, and Courtyard by Marriott.
YANGON, 20 April 2023: Brewery giants Heineken, Carlsberg and ThaiBev are allegedly paying tens of millions in tax to the Myanmar military junta, according to a Justice For Myanmar press statement based on an investigation of tax filings released by Distributed Denial of Secrets*.
The foreign companies stand accused of partnering with the family of the deceased Thein Tun, who controlled Myanma Golden Star Group with his son, Thant Zin Tun. Myanma Golden Star Group produces beer with Carlsberg and soft drinks with a subsidiary of Lotte Corporation.
Thein Tun’s daughter, Mar Mar Tun and son-in-law, Aung Moe Kyaw, are the local partners of Heineken and Thai Beverage (ThaiBev). ThaiBev controls the Grand Royal Group.
Justice for Myanmar says an analysis of available tax filings from October to December 2021 indicates that Heineken, Carlsberg and ThaiBev subsidiaries paid MMK49.9 billion in Specific Goods Tax (SGT) alone to the military junta, equivalent to USD27.6 million based on average exchange rates from the Central Bank of Myanmar.
SGT is a tax on the production and import of alcohol and other products applied to beer at a rate of 60% and a sliding scale for spirits, depending on the price level.
ThaiBev, Heineken and Carlsberg companies allegedly pay commercial tax and income tax to the junta, totalling MMK12.6 billion in the period, equivalent to USD7 million.
Justice for Myanmar alleges that spread across a year, ThaiBev, Heineken and Carlsberg companies in Myanmar could be paying as much as MMK250 billion or USD155 million in taxes to the junta.
Lotte, which is not subject to SGT, pays smaller amounts of tax and is also responsible for lease payments to the Myanmar Army as part of its hotel subsidiary’s investment in hotel development with POSCO International.
Justice For Myanmar calls on ThaiBev, Heineken, Carlsberg and Lotte to follow the guidance of the National Unity Government and their international human rights responsibilities and end payments to the military junta.
Justice For Myanmar spokesperson Yadanar Maung says: “Heineken, Carlsberg and ThaiBev are paying the equivalent of tens of millions of dollars in taxes annually to the Myanmar military junta, which is a terrorist organisation that has been committing war crimes and crimes against humanity against the people of Myanmar with total impunity.”
On 11 April, the junta launched an indiscriminate aerial attack against people gathered at an event in Pazigyi village, Sagaing, killing at least 168 people, weeks after the UN Human Rights Council passed a resolution that called on the Myanmar military to cease all air strikes immediately.
When asked about its tax payments to the junta and its human rights due diligence, Heineken responded, “Our main priority in Myanmar continues to be the safety and livelihoods of our people, their families and those connected to our business. By maintaining our presence, we are living up to our long-term commitment to our employees and the communities related to our business.”
“We have done our due diligence and are assured that our Myanmar business has no ties with the military. However, as responsible businesses under local and international standards, we must pay taxes in all markets we operate. Fulfilling our obligations in Myanmar does not represent our support to the government in question.”
Carlsberg responded, “As a company, we are subject to local laws in all the markets we operate in. This means that, like any other company, we must pay taxes and duties, whether in Myanmar, Denmark or any other market.”
“Our human rights programme follows the UN Guiding Principles on Business and Human Rights (UNGP). This ongoing work includes concrete efforts to prevent, address and remedy human rights abuses connected to our value chain.”
“We have a human rights policy with global applicability, and we conduct human rights due diligence to identify the areas of human rights that could be adversely impacted by our value chain, which is a necessary step to be able to identify adequate measures to address such impacts.”
“In Myanmar, we started conducting a series of enhanced human rights due diligence activities in 2022 to understand the operational environment better. This work is being done in conjunction with external parties and involves input from various stakeholders with expertise in human rights and the local environment. The outcome of this process will be communicated in our global ESG report when finalised.”
ThaiBev and Lotte did not respond to questions from Justice For Myanmar.
*Distributed Denial of Secrets is a journalist 501(c)(3) non-profit devoted to enabling free data transmission in the public interest.
SINGAPORE, 20 April 2023: More than half of Singaporeans and Malaysians (55%) who have travelled since the start of the year will be travelling again in the next three months, according to a study by Yahoo and the Southeast Asian consumer research company, Milieu Insight.
The study surveyed N=1,000 respondents each from Singapore and Malaysia to unveil their travel plans and patterns for the year’s second quarter.
Since the start of 2023, 61% of respondents who have travelled overseas for leisure have been to Southeast Asia, the top travel destination, especially among Singapore travellers (70%). However, travellers’ appetite for new experiences has not waned – 46% plan to travel to Southeast Asia, followed by East Asia (38%) and Australia/New Zealand (20%) in the next three months.
It reflected intriguing differences in travel preferences between the two neighbouring countries: while 61% of Singaporeans prefer to relax and take things slow for their next travel trip, Malaysians are quite the opposite – 65% prefer to explore as much as they can. The latter also tend to be more budget conscious, with 83% (compared to 68% in Singapore) saying they stick to a strict travel budget.
Sightseeing (70%) and shopping (46%) are the top travel activities in both countries but skew towards Singaporean travellers. On the other hand, Malaysian travellers showed more interest in other activities such as arts, history and cultural immersion (33% vs 17% in Singapore), and notably, a rising travel trend – environment, climate and wildlife conservation (29% vs 11% in Singapore). They also showed much higher intention to join local activities (80% vs 58% in Singapore), such as culinary workshops and cultural immersion with locals.
“Travel demand is taking flight. Brands seeking to tap into the growing wanderlust must stay informed and understand how to travel preferences have evolved. Our latest study, conducted with Milieu, unveils interesting insights into consumer travel patterns – from their top travel destinations to their favourite activities and top purchase motivators on travel booking platforms,” shared Yahoo head of DSP SEA Kenneth Koh.
74% of respondents who book travel arrangements would do so via travel booking platforms, especially popular among 25 to 34-year-olds in Singapore (83%) and Malaysia (64%). As travellers seek more diverse and immersive experiences, travel booking platforms are keeping pace by offering one-stop solutions to make multiple bookings across accommodations, flights and activities. Coming after discounts and promotions (57%), the convenience of making multiple bookings on one platform (46%) is one of the top motivators for using these platforms.
Methodology This quantitative study was conducted in March-April 2023 via Milieu’s proprietary survey community with N=1,000 respondents each from Singapore and Malaysia who intend to travel in Q2 2023.
About Milieu Insight Milieu Insight is a consumer research and data analytics company operating in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.
About Yahoo Yahoo serves as a trusted guide to hundreds of millions of consumers globally with its portfolio of brands, including Yahoo News, Yahoo Finance, Yahoo Sports, Yahoo Mail, Yahoo Search, AOL, Engadget, TechCrunch and Rivals.
SINGAPORE, 19 April 2023: Savvy holidaymakers hoping to avoid hefty fees for overweight baggage charges are offered top hacks before they head off on their travels.
As the holiday season approaches, travel experts at Panache Cruises are sharing their top hacks to avoid paying the dreaded overweight baggage fee.
Photo Credit: ShutterStock
Low-cost airlines are notorious for stinging passengers over the suitcase or hand luggage allowance with hefty fees. Baggage fees have become an integral way for airlines to generate more revenue from flyers, with the cost sometimes trumping the actual flight cost.
A UK study found that a third of British travellers had to pay excess baggage fees at the airport, equating to over UKP490 million in 2022 alone. *
Money-saving travellers who opt for free baggage, which must be small enough to fit under the seat, are often told they must pay for an extra carry-on or checked-in luggage if it doesn’t fit the strict dimensions or weighs too much.
Panache Cruises founder and managing director James Cole said: “Airlines are always pursuing new revenue opportunities, and charging extra for baggage has proved profitable. Some airlines regularly change their bag and weight limits which can catch people out.
“From packing clothing within a pillowcase to using duty-free bags to sneak in extras, travellers who want to keep costs down when travelling have some inventive options.
“It is easy to overpack and fill bags to the brim, so holidaymakers should think twice about what they truly need because there is no worse start to a holiday than unexpected and unwanted charges.”
“To make it worse, overpacking and taking a hold bag can also seriously delay the arrival experience because of waiting times at the baggage carousel. To avoid inconvenience, people should avoid overpacking at all costs and stick to hand luggage on shorter trips.”
“The rules surrounding cruise luggage are far more straightforward than what you’ll find on a flight; most cruise lines have a 90Kg limit. This news is welcome for cruises leaving a home port without flights.]However, if flying to get to a port, holidaymakers will need to limit their packing to keep to the strict airline limits.”
Here are Panache Cruises’ top tips to help savvy holiday-goers avoid the extra baggage fees:
1. The pillow trick
This hack involves bringing a pillowcase full of clothes to disguise as a comfy pillow on the aircraft. Many travellers have said they have successfully used this trick to avoid fees for overweight baggage. A former flight attendant’s viral TikTok makes this hack famous, and there is now concern that airlines may stop letting people bring on their pillows as more customers brag online about beating the system.
2. Use duty-free bags
Duty-free bags don’t count as carry-on baggage, so if passengers buy something in a duty-free shop, they can use the bag they provide to add in their extra heavier items. This hack is great for people who want to bring an additional item on board without breaking the strict one-small-bag rule. Simply wear layers through security and then place them in a duty-free bag afterwards.
3. Travel in the heaviest clothing
Perhaps one of the oldest tricks in the book, wearing the heaviest clothes while travelling is a great way to keep to weight restrictions. Holidaymakers who wear their bulkiest items, like hoodies, coats, and heaviest shoes, will make more room in their case and keep extra warm on the plane. Travellers should use the pockets of their bulky clothing to stash more items if they are still concerned about the weight of the case.
4. Invest in a Travel Vest
Wearable luggage, which offers a multitude of pockets to cram in small items, would be a great investment for frequent flyers who don’t want to pay extra for baggage. They are incredibly functional, often lightweight items that travellers can use to store their valuables and gadgets safely.
5. Layer up
Although sometimes impractical, layering up is a great way to free up baggage space. Under a coat, no one will ever know there are eight bikinis, five tops and a hoodie. As soon as travellers get on board, they can strip down to their original outfit because, technically, no one can say anything. While this strategy can involve holiday-goers wearing an entire wardrobe on the flight, if desperate to travel cheaply, this is an option.
6. Invest in the best travel bag
Airlines can be very strict about the size and weight of hand luggage and suitcases. For this reason, investing in a lightweight bag makes sense so that travellers can pack in heavier items. Many viral hand luggage bags have also been made popular by social media. Available to buy online, these fit the specific measurements of each airline’s policy.
7. Scrap the toiletries
Toiletries are very heavy, so to avoid excess baggage charges, it is a good idea to buy them all on arrival at the destination. Whatever they can buy at home, travellers should be able to buy abroad. They should be a little cheaper, too, with any luck. The reduced weight also has an environmental benefit when flying too.
8. Save space for souvenirs
Bringing home souvenirs from various parts of the world is a big part of many people’s travel experiences. Planning for the extra additions to luggage for the trip home is an integral part of the packing process, or holiday-goers risk a hefty charge on the way home.
9. Shop around
If wanting to bring extra luggage for a longer trip, holidaymakers should shop around and weigh up the baggage options of various airlines. Certain airlines offer heavier check-in bags with standard fares. Most will offer a range of weight options, generally between 10kg and 30kg, so travellers should consider the allowance and cost together to give them a per-kilo rate and get the best possible deal.
Travellers wanting to holiday without being restricted or charged for their baggage should consider a cruise as an alternative to air travel.
KUCHING, 19 April 2023: Music, frogs, and food are lining up on Sarawak’s fascinating festival calendar during June and July, according to the latest Facebook posts from the Sarawak Tourism Board.
Invitations are out to join three festivals – the International Bornean Frog Race, the Rainforest World Music Festival (both in June) and the Bario Food Festival (July).
”Ready, Set, Hop!” is the call to action for nature enthusiasts invited to join the 10th International Bornean Frog Race 2023 and Night Photography Competition. This one-of-a-kind event highlights the incredible abilities of these remarkable creatures.
The Bornean Frog Race is an annual event organised by IBEC – Institute of Biodiversity & Environmental Conservation IBEC since 2012. The event will be held on 17 June 2023 at Sama Jaya Nature Reserve.
The Sama Jaya Nature Reserve covers an area of approximately 38 hectares and is the first multi-purpose urban forest park in Sarawak. Situated entirely in the suburb of Tabuan Jaya in Kuching, the park consists mainly of karangas forest trees. An urban home for different types of wildlife, the park provides a fresh breath of green for the city and has various educational and recreational facilities readily available for people.
23 to 25 June at the Sarawak Cultural Village near Kuching town. Tickets have been on sale since 15 April.
The iconic Rainforest World Music Festival (RWMF) 2023 is all set to make a ‘physical’ comeback on 23 to 25 June at Sarawak Cultural Village, Kuching, targetting more than 20,000 visitors for the three-day festival.
The annual festival organised by Sarawak Tourism Board (STB) will see musicians and fans of world music all the globe congregating, sharing and experiencing different sounds from across the world.
The 26th RWMF will feature 199 musicians from 12 countries across three continents. They will perform diverse music genres, including Grammy Awards winner Gipsy Kings from France of hits like ‘DjobiDjoba’ and ‘Bamboleo’ set to enthral visitors with their pop-oriented music, distantly derived from traditional flamenco and rumba genres.
The dates for the 2023 Pesta Nukenen or the 16th edition of the Bario Food & Cultural Festival are confirmed – 27 to 30 July 2023.
Pesta Nukenen (Bario Food and Cultural Festival) is often described as one of the most distinct ethnic food festivals in Malaysia. The three-day festival celebrates the Bario Highlands’ food, farming, forest and cultural heritage, one of the last surviving intact traditionally farmed and forested highland watersheds in Sarawak and East Malaysia.
Enjoy delicious organic food cooked by the various longhouse communities of the Kelabit Highlands and join in the traditional games and dances. No roads link the highland villages, just a network of trekking trails so you can follow the locals and walk to the remote longhouses and communities.
Pesta Nukenen Bario was founded in 2005 as a community-owned food and cultural festival, a big get-together for the fewer than 7,000 residents of the highland communities. It was introduced by the management team of the multi-award winning E-Bario ICT centre with support from UPM, the Alde Valley Food Adventures UK and The Resident’s Office Miri.
The Kelabit Highlands is a mountain range located in the northernmost part of Sarawak, Malaysia, in the Miri district. There are 14 villages in the highlands, but the main hub is Bario village, where you will find homestays. The highest mountains in this range are Mount Murud at 2,423 metres, Bukit Batu Buli at 2,082 metres, and Bukit Batu Lawi at 2,046 metres. (Wikipedia)
SINGAPORE, 19 April 2023: Emirates will expand its presence in Israel by adding a third daily flight starting 1 May.
A positive indicator of heightened demand for travel to and from Israel, the additional service will take weekly Emirates flights serving Tel Aviv to 21, providing customers with more direct flights to Dubai and enhanced connectivity options to the rest of the Emirates network.
Emirates’ third-daily flight to Tel Aviv will operate with a Boeing 777-300ER offering an additional 360 seats. EK935 departs Dubai at 1930 and arrives in Tel Aviv at 2200. EK936 leaves Tel Aviv at 2355, arriving in Dubai at 0405 the next day.
The additional frequency complements the existing double-daily services to and from Tel Aviv. It offers a broader schedule with more flexibility and increased access for customers venturing onwards to destinations across the airline’s gateways in North and South America, the Far East and Africa. Customers can reach popular destinations like Thailand, Japan, Australia, New Zealand, the Philippines, Vietnam and Sri Lanka easily and with shorter transit times. The third flight will also offer additional connecting options for customers travelling from Australia, the Philippines, Vietnam, Brazil, the UAE, Japan and South Africa, and the airline’s 18 points across North and South America. The additional service also helps to meet the strong demand from these destinations, many of which are home to large Jewish communities.
Since June 2022, over 180,000 passengers have travelled on Emirates between Dubai and Tel Aviv. Dubai continues to build its appeal as an attractive destination for Israeli visitors, offering them both luxury and value with an extensive array of leisure and family activities to suit every taste and hotels for all budgets. According to the latest annual report released by Ben Gurion Airport, Dubai ranked as the top outbound destination by passenger volumes in 2022*. The new flight schedule has been conveniently timed to offer travellers the full-day experience in Dubai, helping them maximise their time in the city with an early arrival and late departure.
Customers can also use Emirates’ partnership with flydubai when booking travel and choosing from an even more robust schedule of over seven daily codeshare flights.
The third daily flight will also offer exporters and local businesses an additional 20 tonnes of belly-hold capacity on every flight through Emirates SkyCargo, helping transport key Israeli exports like fruits and vegetables, pharmaceuticals, industrial machinery and electronics, metals, and other high-value goods to the UAE and other international markets.
Tickets can be purchased on emirates.com, Emirates Sales Offices, via travel agents or online travel agents.
ABU DHABI, 19 April 2023: Etihad Airways is increasing flights to Toronto following the recently expanded air services agreement between the UAE and Canada.
On 30 May, the airline will introduce an additional weekly flight between Abu Dhabi and Toronto, on top of its current six-per-week flight schedule, to offer travellers a daily connection.
Etihad will this year mark 18 years since it began serving Toronto in October 2005. The carrier has an interline agreement with WestJet and a codeshare with Air Canada, allowing guests to benefit from seamless connectivity in Toronto to more than 15 destinations.
Toronto is the largest city in Canada and a must-visit destination for its diverse culture, stunning architecture and exciting food scene. Visitors can explore its iconic landmarks, such as the CN Tower – one of more than 80 skyscrapers in the city – along with the Royal Ontario Museum and the Art Gallery of Ontario.
Abu Dhabi is a world-class tourism destination and offers visitors many things to do, from family days out at modern museums and theme parks such as Louvre Abu Dhabi, Warner Bros. World™ Abu Dhabi and Ferrari World Abu Dhabi to beautiful golden beaches and unforgettable desert experiences.
SINGAPORE, 19 April 2023: TProfile, a supplier of advanced Customer Experience Applications and CRM technology, has partnered with G Adventures, a leading small-group adventure operator.
This latest partnership will enable TProfile to expand its dynamic, real-time rich content by offering G Adventures’ global portfolio of tours, which range from expeditions to Antarctica to hiking adventures in Peru, to its network of travel agents.
With over 30 years of experience in adventure travel, G Adventures offers over 750 tours worldwide. Built on the belief that travel can change the world, the company has pioneered community tourism with strong core values that support local businesses and bring empowerment and employment to local communities.
TProfile will provide travel agents access to rich content, including quotes, images and videos from G Adventures, designed to engage travellers. Agents will use TProfile’s high-level content to explore revenue opportunities from the growing tours and activities market while improving their customer booking experience.
“We continue expanding and exploring new ways to deliver our life-changing experiences to travellers. TProfile’s advanced customer experience applications will provide new opportunities for us through strengthened relationships with their agents, combined with rich content delivery and simple transactions,” said G Adventures managing director EMEA Brian Young.
TProfile head of sales Bhav Taylor commented: “We help agents create high-quality quotes which can boost conversion rates while using content such as destination images and video footage. G Adventures provides an extensive range of world-class, responsible tours and experiences, operating in a global activities market worth an estimated USD150 billion (source Skift). We are delighted to make the G Adventures portfolio available to our network of travel agents looking to explore ancillary revenue opportunities.”
SINGAPORE, 19 April 2023: The countdown begins for ProWine Singapore 2023, which will take place alongside FHA-Food & Beverage from 25 to 28 April 2023 at the Singapore Expo.
ProWine Singapore is jointly organised by Messe Düsseldorf Asia and Informa Markets, while FHA-Food & Beverage is organised by Informa Markets.
Visitors can look forward to doing business and networking with more than 100 wine and spirits exhibitors from over 20 countries and regions, representing a diverse line-up from old-world wine to new-world wine regions, Asian wines, award-winning cognacs, craft spirits, and a range of alcoholic beverages – from liqueurs, premium beer, ready-to-drink cocktails and seltzers. An estimated 8,000 trade visitors from Singapore and neighbouring countries, including Indonesia, Malaysia, Philippines, Thailand, and Vietnam, will attend the specialist trade fair.
“ProWine Singapore’s synergistic collaboration with FHA-Food & Beverage since 2016 continues to grow from strength to strength, and by combining our expertise and resources allows us to create and nurture a unique platform that offers unparalleled networking and business opportunities for industry players and help companies and brands push the boundaries of the wine and spirits industry. Complemented by a thoughtfully-curated masterclass and seminar series, we are committed to encouraging knowledge-sharing and thought leadership,” says Messe Düsseldorf Asia managing director Gernot Ringling.
Southeast Asia’s demand for alcoholic drinks is expected to drive revenue at an annual growth rate of 18.9%, with alcohol consumer penetration reaching 10.7% by 2025.
Masterclasses
A signature feature of ProWine Singapore is the Masterclass programme, where trade visitors can look forward to presentations on consumption trends, including the future of the region’s wine, spirits and beer segments; motivating factors driving millennials and Gen Z drinkers; climate change and investment opportunities.
SINGAPORE, 19 April 2023: When it comes to resident millionaires, cities in the USA and China dominate the World’s Top 10 Wealthiest Cities.
Only one European city, London, is on the 2023 list published Tuesday by international investment migration firm Henley & Partners in partnership with global wealth intelligence firm New World Wealth.
New York City wears the crown as the wealthiest in the world with 340,000 millionaires, while two other American wealth hubs — the San Francisco Bay Area and Los Angeles — come in third and sixth places, with 285,000 and 205,400 resident high-net-worth individuals, respectively (note: HNWIs are defined as those with investable wealth of over USD1 million and all figures are rounded off to the nearest 100).
Tokyo, which led the pack 10 years ago, falls to second place with 290,300 millionaires, and London, the wealthiest city in the world for many years, drops to fourth place with 258,000 resident HNWIs. City-state Singapore, widely regarded as the most business-friendly city in the world and one of the top destinations for migrating millionaires, sits in fifth place with 240,100 resident millionaires. In comparison, Sydney comes in 10th place with 126,900 millionaires. Home to some of the world’s most exclusive residential suburbs, Sydney has experienced especially strong wealth growth over the past 20 years and is projected to break into the global Top Five wealthiest cities by 2040.
Asia Pacific cities make gains
China has three cities in the Top 10, with Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200) taking seventh, eighth, and ninth places, respectively. Beijing and Shanghai have climbed the rankings over the past decade, but Hong Kong has taken a tumble, dropping from fourth place in 2012 to seventh place.
Henley & Partners CEO Juerg Steffen says seven of the Top 10 wealthiest cities in the world are in countries that host formal investment migration programmes and actively encourage foreign direct investment in return for residence or citizenship rights.
“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Hong Kong can be secured via residence by investment. Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients.”
The US and China vie for millionaire growth
The US and China also dominate the Top 10 list of fastest-growing cities for resident millionaires over the past decade. One of China’s most enduringly popular holiday spots, Hangzhou, tops the charts in this respect with millionaire growth of 105% between 2012 and 2022. High-tech capital Shenzhen and the port city of Guangzhou also enjoyed significant HNWI expansion over the past decade, at 98% and 86%, respectively. The three fastest-growing millionaire hotspots in the US are Austin (102% growth in resident HNWIs), West Palm Beach (90%), and Scottsdale (88%). India has two cities in the Top 10 — Bengaluru (88%) and Hyderabad (78%) — and the final two places go to the UAE’s cultural hub Sharjah (84%) and Ho Chi Minh City in Vietnam (82%) which is fast emerging as Asia’s next big wealth hub.
Head of Research at New World Wealth, Andrew Amoils, says traditional wealth magnets such as Monaco and Dubai have also experienced especially strong millionaire growth over the past decade. “Arguably the world’s top haven for the super-rich, the average wealth of a person living in Monaco exceeds USD 10 million, making it the top-ranked city on a wealth per capita basis. It is also the world’s most expensive city, with apartment prices regularly exceeding USD 35,000 per square meter. Dubai is another established international wealth centre with low tax rates, making it a magnet for migrating millionaires worldwide. Approximately 3,500 high-net-worth individuals moved to the city in 2022 alone.”
The World’s Wealthiest Cities Report 2023 includes HNWI population data for 97 cities worldwide and HNWI growth stats for the past decade (2012 to 2022) along with seasonal hotspots for ‘centi-millionaires’ (those individuals with an investable wealth of USD100 million or more).
About Henley & Partners
Henley & Partners is the global leader in residence and citizenship by investment. The firm also runs a leading government advisory practice.
