Global millionaire population surged 7.9% to 25.3 million last year, with their total wealth increasing 8.7% to $98.3 trillion, according to the Capgemini World Wealth Report. Soaring stock markets drove the growth, marking the fastest expansion in five years. A widening wealth gap emerged as ultra-high-net-worth individuals with $30 million or more grew 9.4% to 250,000, outpacing overall millionaire growth and now holding 35% of all millionaire wealth despite representing just 1% of the population.
Ultra-Wealthy Outpace Millionaire Growth With Private Investment Access
Ultra-high-net-worth individuals (UHNWIs) with $30 million or more saw their population grow 9.4% in 2025 to 250,000, with their fortunes increasing 9.7%, according to the report. Capgemini defines millionaires as those with $1 million or more in investible assets, excluding primary home, collectibles and consumer goods.
UHNWIs now represent 1% of the overall millionaire population but hold 35% of all millionaire wealth, according to the study. Gareth Wilson, global banking industry lead at Capgemini, attributed the ultra-wealthy's outperformance to their access to higher-returning private investments.
"They have access to investments and opportunities that aren't afforded even to the millionaires next door, whether it be pre-IPO investments or private markets," Wilson said in the report. "When you look at those individuals who have investable assets at that scale, they probably have more influence in terms of access to some of the hedge funds, access to the private markets, and they're probably afforded access to some other kind of pre-IPO investments that us mere mortals probably don't even know about."
U.S. Adds 730,000 New Millionaires as Asia Posts Strong Gains
The U.S. added 730,000 new millionaires in 2025, bringing the total U.S. millionaire population to 8.73 million, according to the report. Their fortunes surged by nearly $3 trillion to $31.3 trillion.
Asia posted strong growth, with its millionaire wealth up 10.5% and millionaire population up 9.4%. Korea and Taiwan now lead Asian wealth creation, as the Korean stock market surged 76% last year and semiconductor stocks powered Taiwanese markets higher. Asia's total millionaire population reached 8.3 million in 2025, according to the report.
Europe's millionaire population grew 6.5%, while Latin America's grew 0.3% and the Middle East saw a decline of 1.4%.
Millionaires Increase Stock Holdings to 25% of Portfolios
Millionaires held an average of 25% of their portfolios in stocks in 2025, up from 22% in 2024, according to the report. Their share of alternatives declined to 12% from 15% and their cash holdings fell to 24% from 26%. Their holdings of fixed income increased from 18% to 20% and their real estate investments remained flat at 19%.
The increased holdings of stocks and drawdowns in cash point to a continued risk-on attitude among millionaire investors, the report noted. Wilson said the equities performance is encouraging the movement from lower-risk to higher-risk investments.
Wealthy Investors Shift to Multiple Advisors and Nontraditional Firms
A quarter of all millionaires now use between four and six advisors, double the number from 2019, according to Capgemini. The number of millionaires using only one advisor has fallen by more than half, to 19%.
Wealthy investors are turning to nontraditional firms for advice. On the lower end of the wealth spectrum, for those with between $1 million and $5 million, investors are using more roboadvisors, or automated platforms. In the middle segment, between $5 million and $100 million, more clients are turning to registered investment advisors (RIAs) over traditional wire houses and banks. At the top, many are creating their family offices.
Capgemini stated that firms need to understand all of their client needs, rather than just focusing on investment guidelines. Wilson said advisors need to spend more time building trusted relationships with clients.
"We've seen where that relationship manager is able to build trust, build a very personalized connect, and also orchestrate all the products and services for the client in a specific way," Wilson said. "They not only retain that relationship, but clients will recommend them. You want your high-net-worth individuals recommending you to their friends at the country club, or the golf club, or the boat club."
FAQ
What drove the 7.9% growth in global millionaire population last year?
Soaring stock markets drove the 7.9% increase in global millionaire population to 25.3 million, with their total wealth growing 8.7% to $98.3 trillion, according to the Capgemini World Wealth Report. This marked the fastest growth in five years.
How did ultra-high-net-worth individuals perform compared to millionaires?
Ultra-high-net-worth individuals with $30 million or more saw their population grow 9.4% to 250,000 and their fortunes increase 9.7%, outpacing overall millionaire growth. They now hold 35% of all millionaire wealth despite representing just 1% of the population, according to the report.
Which regions saw the strongest millionaire population growth?
Asia posted the strongest growth with millionaire wealth up 10.5% and population up 9.4%, led by Korea where the stock market surged 76% last year and Taiwan driven by semiconductor stocks. The U.S. added 730,000 new millionaires, bringing the total to 8.73 million, according to Capgemini.
