Global Millionaire Population Surged in 2025 as Stock Markets Reached New Highs

By Tanner, Analyst
June 4, 2026 – 4:00 PM CST, Milwaukee, WI

The number of millionaires worldwide increased significantly in 2025 as rising stock markets and stronger investment performance boosted wealth across major economies, according to Capgemini's latest World Wealth Report.

The report found that the global population of millionaires grew by 7.9% during the year, reaching 25.3 million individuals. Collectively, these investors held $98.3 trillion in wealth, representing an 8.7% increase from the previous year and the fastest growth rate recorded in the past five years.

Capgemini defines millionaires as individuals with at least $1 million in investable assets, excluding their primary residence, consumer goods, and collectibles. Based on the report's findings, nearly 2 million new millionaires were added globally during 2025.

Growth was even stronger among ultra-high-net-worth individuals, or UHNWIs. This group, defined as individuals with investable assets of $30 million or more, saw its population increase by 9.4% to approximately 250,000 people worldwide.

The wealth held by ultra-high-net-worth individuals also expanded at a faster pace than the broader millionaire population. According to the report, their collective fortunes rose by 9.7% during 2025.

Although UHNWIs account for only about 1% of the world's millionaire population, they control approximately 35% of all millionaire wealth. The report highlighted the continued concentration of wealth among the highest net worth individuals.

The United States remained the largest contributor to global millionaire growth. During 2025, the country added approximately 730,000 new millionaires, bringing the total U.S. millionaire population to 8.73 million.

Wealth held by American millionaires increased by nearly $3 trillion over the year, reaching a total of $31.3 trillion. The growth was supported by strong performance across U.S. equity markets and other financial assets.

Asia also recorded substantial gains. The region's millionaire population increased by 9.4%, while total millionaire wealth grew by 10.5%. By the end of 2025, Asia was home to approximately 8.3 million millionaires.

The report noted that South Korea and Taiwan were among the strongest contributors to wealth creation in Asia. South Korea's stock market gained approximately 76% during the year, while Taiwan benefited from strong performance in semiconductor-related stocks.

Europe also experienced growth in its millionaire population, which increased by 6.5% during 2025. Latin America recorded more modest growth of 0.3%, while the Middle East was the only major region to report a decline, with its millionaire population falling by 1.4%.

Millionaires increased their exposure to stocks during the year. Equities represented an average of 25% of millionaire portfolios in 2025, up from 22% in 2024. The increase coincided with strong gains across major stock markets worldwide.

At the same time, allocations to alternative investments declined from 15% to 12% of portfolios. Cash holdings also fell from 26% to 24%, while fixed-income investments increased from 18% to 20%. Real estate allocations remained unchanged at 19%.

The report also identified changes in how wealthy investors manage their assets. Approximately one-quarter of millionaires now work with between four and six financial advisors, compared with significantly lower levels reported in previous years.

The share of millionaires relying on only one advisor has fallen to 19%, according to Capgemini. Wealthy investors are increasingly distributing assets across multiple firms and specialists rather than maintaining a single advisory relationship.

Investment advisory preferences also varied by wealth level. Investors with between $1 million and $5 million in assets increasingly used automated investment platforms, while those with larger portfolios often worked with registered investment advisors. At the highest wealth levels, some investors continued establishing family offices to manage their financial affairs.
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The findings reflect continued growth in global wealth during 2025, driven largely by strong equity markets, rising asset values, and increased participation in financial markets across several major regions.