According to the Capgemini World Wealth Report, the global population of millionaires increased by 7.9% to 25.3 million in 2025, with their total wealth rising by 8.7% to $98.3 trillion, marking the fastest growth in five years. The ultra-high-net-worth individuals (UHNWI), defined as those with $30 million or more, grew by 9.4% to 250,000, and their wealth increased by 9.7%.
UHNWI now hold 35% of all millionaire wealth despite being only 1% of the millionaire population. Gareth Wilson from Capgemini attributes this disparity to UHNWI's access to higher-return private investments, which are not available to regular millionaires.
The U.S. contributed significantly to this growth, adding 730,000 new millionaires, bringing the total to 8.73 million, with their wealth increasing by nearly $3 trillion to $31.3 trillion. Asia also saw strong growth, particularly in Korea and Taiwan, while Europe, Latin America, and the Middle East experienced slower growth or declines.
Millionaires are shifting their investment strategies, increasing stock holdings from 22% to 25% of their portfolios, while reducing cash and alternative investments. This shift indicates a growing risk appetite among wealthy investors, driven by strong equity performance.
Additionally, millionaires are diversifying their advisory relationships, with many now using multiple advisors and turning to nontraditional firms for wealth management. This trend presents both opportunities and challenges for wealth managers, who must adapt to the evolving needs of high-net-worth clients to retain and grow their assets