This content is an excerpt from Savills Impacts, a global report on real estate trends that will shape the market in 2025. It is curated and supplemented with local insights from Savills Viet Nam. 

Against a rapidly changing geopolitical and economic backdrop, global wealth flows continue to evolve as high-net-worth individuals (HNWIs) and businesses take a more holistic approach to location. From traditional global cities to emerging nations with business-friendly policies, global wealth flow is undergoing rapid change. Viet Nam is emerging as a promising key player, but it must seize the moment with an improved policy framework, infrastructure, and living standards. 

Key factors that shape a global HNWI's preference  

1. A ‘Golden visa’ programme   

• United Arab Emirates (UAE)  

Benefits for HNWI’s here include policies that offer long-term residency for foreign investors. Successful applicants to the UAE's ‘golden visa’ programme receive a 10-year stay in this low-tax, expat-friendly environment in exchange for an investment of 2 million UAE Dirhams (approximately US$550,000). The programme’s success has boosted real estate transaction volumes and values. According to Savills Impacts, prime residential capital values in Dubai rose by 6.8% in 2024, with prime office values growing by 7% in Q4 alone.   

• Italy 

In Italy, HNWIs who have not registered as tax residents for at least nine of the previous 10 years have the option of an annual flat tax of €200,000 per year on worldwide income. Due to this option, real estate in cities such as Milan has increased, with prime residential prices growing by 19.2% since 2020. In Sardinia, approximately 80% of prime residential buyers have an international background. 

Amid a more fragmented global economy, this wave of relocation is being driven by multinational corporations. Terms like ‘nearshoring’ and ‘onshoring’ are gaining momentum, particularly in high-tech sectors such as AI, semiconductor manufacturing, and data centres, which require a skilled workforce and reliable energy supply.  

The priorities for business success revolve around people, power, and location. Companies need proximity to the right workforce and sufficient power for their facilities, a challenge that continues to grow with the increasing demand for AI and data centres. They also want to be in the right ecosystem to optimise their access to suppliers, strategic partners, and supply chain needs. 

2. A high-quality lifestyle   

The ‘triple helix’ of universities, private-sector companies, and government funding is seen as a key driver for future capital flows. Hubs like Silicon Valley (US), the Golden Triangle (UK) or the Greater Bay Area (China) are not only business headquarters but also ideal living destinations for the global elite. The combination of quality of life and investment conditions helps sustain long-term appeal.   

Beyond tax and financial incentives, HNWIs are giving more consideration to factors such as culture, healthcare, education, and quality of life. According to Victoria Garrett, Head of Global Residential (excluding the UK), “Tax and financial incentives remain key when they move to a new jurisdiction; but they also want to live near the beach, close to the golf courses, have access to international schools for their children, and be part of a similar community.” 

3. How can cities attract wealth from individuals vs. businesses?

The Savills Dynamic Wealth Index identifies the cities that are performing well at attracting and developing wealth and investment from individuals and businesses. The report highlights the factors shaping destinations for investments, with personal tax incentives, the presence of the HNWI community, and a higher standard of living, which are popular reasons Dubai, Abu Dhabi, Singapore, Zurich, and Auckland rank among the top five destinations for individuals seeking relocation.   

Meanwhile, Singapore, Seoul, New York, London, and Abu Dhabi are leading destinations for businesses based on factors such as corporate tax environment, ease of doing business, levels of foreign direct investment (FDI), economic strength, and local knowledge base.    

Remarkably, six of the top twelve locations in the corporate and individual Dynamic Wealth indices highlight how business and personal priorities can often overlap. Businesses want to relocate to destinations that will provide the necessary workforce talent, and skilled workers tend to prioritise a better quality of life.

The advantages and opportunities in Viet Nam

1. Viet Nam continues to attract FDI 

According to the Ministry of Finance’s Foreign Investment Agency (FIA), foreign investment continues to flow steadily into the country despite ongoing fluctuations in the global economy. FIA’s latest report shows that foreign investment in Viet Nam reached 18.39 billion USD in the first five months of 2025, a 51% increase year-on-year.  

• The manufacturing and processing sector continued to dominate, attracting 10.39 billion USD, 56.5% of total registered capital and increasing by 31.8% year-on-year.  
• The real estate sector came in second with 4.99 billion USD, accounting for 27.1% of the total and more than doubling compared to the same period last year.  
• Science and technology drew 1.02 billion USD, followed by the wholesale and retail sector with over 596.8 million USD. 

Commenting on the advantages Viet Nam holds to attract foreign and HNWI investment, Matthew Powell, Director of Savills Ha Noi, says: “Viet Nam has many attributes that appeal to HNWIs, including a strategic location in Southeast Asia, fast-growing economy, attractive nature and history, and a steadily improving quality of life. Moreover, a rich cultural identity, diverse cuisine, and significant investment potential in real estate”. 

2. Emerging real estate destinations 

• Da Nang and Hoi An: Emerge as hotspots for luxury resort real estate, with international-standard golf courses, mild climates, and an increasingly high quality of life. The presence of branded residences, such as Nobu Residences, and integrated resorts, like Hoiana, is helping to redefine the premium segment.   
• Ha Noi and HCMC: Two major economic hubs are witnessing strong growth in branded residences, including internationally standardised apartment and villa projects, upgraded transport infrastructure, and connectivity to financial centres such as Singapore, Hong Kong, and Tokyo. 

3. Building the ecosystem to attract and retain the global elite 

Yet, according to the Director, while Viet Nam holds strong potential, decisive reforms are still required for the country to remain competitive within the region, such as a flexible visa policy and residency programmes for individual investors. Neighbouring countries, Thailand and Malaysia, have already implemented long-term residence visas, accompanied by tax incentives, property ownership rights, and flexible employment conditions for HNWIs.   

Matthew Powell emphasises that the development of an internationally standardised living ecosystem, including healthcare and education, enables Viet Nam to retain wealthy individuals and families. “When the elite experience true comfort and professionalism in all aspects of life, they not only return but also become ambassadors for the nation’s image.”   

Accordingly, investor-friendly visa policies are not merely an entry ticket but a long-term commitment to a sustainable development strategy and the foundation of a lasting investment impact. 

Amidst the relocation of wealth, Viet Nam has an opportunity to attract HNWIs. With striking geographical diversity and strategic significance, the country has the potential to become a leading centre for investment, high-quality living, and sustainable development. 

Learn more about the theme of adaptation and IMPACTS 2025 articles

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