Key data from the Capgemini World Wealth Report reveals that the global population of millionaires surged by 7.9% in 2025, reaching 25.3 million individuals.
The wealth gap between average millionaires and the ultra-high-net-worth segment continues to widen.
Gareth Wilson, Global Head of Banking at Capgemini, notes that the ultra-wealthy are accumulating riches at a faster pace, primarily due to their access to higher-return private investments.
A recent industry report indicates that a significant global stock market rally propelled the creation of nearly 2 million new millionaires worldwide in 2025, with the wealth of the ultra-high-income segment growing the fastest.
According to the Capgemini World Wealth Report, the number of global millionaires—defined as individuals with investable assets exceeding one million US dollars, excluding primary residences, collectibles, and consumables—increased by 7.9% year-over-year in 2025 to 25.3 million. Their total wealth grew by 8.7% to $98.3 trillion, marking the fastest growth rate in nearly five years.
Concurrently, the wealth disparity between millionaires and ultra-high-net-worth individuals (UHNWIs, with investable assets of $30 million or more) continues to expand. The wealth of the UHNWI segment grew significantly faster than that of the average millionaire. The global UHNWI population rose by 9.4% to 250,000 people in 2025, with their corresponding wealth increasing by 9.7%.
Data shows that UHNWIs represent just 1% of the total millionaire population globally but hold 35% of the total assets within this group. Gareth Wilson, Global Head of Banking at Capgemini, explains that the leading wealth growth among the ultra-wealthy is primarily due to their access to high-return private investments that are typically unavailable to the average millionaire.
"Whether it's pre-IPO equity investments or private market opportunities, these high-quality investment options are not accessible to the average millionaire. Wealthy individuals with substantial investable capital have easier access to scarce hedge fund allocations, exclusive private deals, and pre-IPO equity that most people cannot obtain," Wilson stated.
Geographic Wealth Distribution
The United States remains the core driver of global wealth growth among the affluent. In 2025, the US added 730,000 new millionaires, bringing the total to 8.73 million. Their wealth increased by nearly $3 trillion, reaching a total of $31.3 trillion.
The Asia-Pacific region also showed impressive wealth growth, with the total assets of millionaires in the region rising by 10.5% and their population increasing by 9.4%, reaching a total of 8.3 million individuals.
While China has been the primary engine of wealth growth in Asia-Pacific for many years, South Korea and Taiwan emerged as regional leaders last year. South Korea's main stock index surged 76% for the year, and strength in the semiconductor sector boosted the Taiwanese stock market.
The millionaire population in Europe grew by 6.5%, while Latin America saw a modest increase of only 0.3%. The number of wealthy individuals in the Middle East declined by 1.4% year-over-year.
Shifts in Asset Allocation Among the Wealthy
Global millionaires continued to increase their allocations to equities. The proportion of stocks in their total assets rose from 22% in 2024 to 25% in 2025, primarily benefiting from the stock market rally. Allocations to alternative investments decreased from 15% to 12%, while cash holdings fell from 26% to 24%. Fixed income allocations increased from 18% to 20%, and real estate investment allocations remained steady at 19%.
The shift towards equities and away from cash reflects an overall increase in risk appetite among the wealthy. Against the backdrop of three consecutive years of double-digit stock market gains, investors' fear of missing out on the bull market far outweighed their concerns about potential losses.
Wilson commented, "The stellar performance of the stock market has driven a shift of funds from low-risk to higher-risk asset classes. The risk appetite of high-net-worth individuals has noticeably increased, with capital continuously flowing into equity markets following the market trend."
Evolving Landscape of the Wealth Management Industry
While wealth expansion creates opportunities for financial management, industry challenges are also emerging. Today's wealthy individuals no longer entrust their assets to just one or two institutions but instead distribute them across different advisors based on specialized expertise.
Capgemini research indicates that currently, one in four millionaires employs 4 to 6 financial advisors, a proportion that has doubled since 2019. The share of wealthy individuals relying on a single advisor has halved to 19%.
Client choices in wealth management institutions are becoming more diverse:
For assets between $1 million and $5 million: There is a greater adoption of robo-advisors and automated investment platforms.
For assets between $5 million and $100 million: Clients are shifting from traditional brokerages and banks to registered independent advisors (RIAs).
For top-tier ultra-high-net-worth individuals: Many are establishing family offices to manage their assets independently.
Capgemini points out that for wealth management institutions to capture client assets in a fiercely competitive environment, they cannot limit themselves to just crafting investment plans. They need to comprehensively address clients' personalized needs throughout their lifecycle, creating tailored products and services.
Wilson added that the core competitive advantage of a financial advisor lies in cultivating deep client trust. "Outstanding wealth managers build deep, exclusive relationships of trust, coordinating a full range of products and services. This not only helps retain existing clients but also encourages them to proactively refer new clients within their networks, such as private clubs, golf clubs, and yachting circles."
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