Capgemini reports global millionaires reach 25.3 million in 2025
Booming global stock markets and a rally fueled by artificial intelligence created nearly 2 million new millionaires in 2025. According to the Capgemini World Wealth Report 2026, released today, June 4, 2026, the population of global millionaires surged 7.9% to reach 25.3 million individuals.
This surge in the number of high-net-worth individuals (HNWIs) was accompanied by an 8.7% increase in their total wealth, which hit a record $98.3 trillion.
The report defines millionaires as those with investable assets of $1 million or more, excluding primary residences, collectibles, and consumables. While the general millionaire population saw steady gains, growth was even more pronounced among ultra-high-net-worth individuals (UHNWIs) — those possessing $30 million or more in investable assets. This elite group grew by 9.
4% in 2025, and although they represent just 1% of the millionaire population, they now command 35% of the total wealth.
Gareth Wilson, global banking industry lead at Capgemini (CAP.PA), noted that the ultra-wealthy are outperforming standard millionaires due to their access to high-return private markets. Wilson explained that these individuals have access to pre-IPO investments and hedge funds that remain out of reach for most investors.
This concentration of capital mirrors broader shifts in the financial sector, where leaders like CEO Brian Armstrong have suggested moving finance on-chain to address modern transparency and management demands.
United States and Asia lead global wealth surge
The United States added 736,000 new millionaires in 2025, representing the largest increase of any single country. This expansion brought the total American HNWI population to 8.7 million. Overall, U.S. high-net-worth wealth grew by 10% during the year, while the population itself rose by 9.2%. These figures placed the U.S. ahead of Japan, Germany, and China in terms of total millionaire count.
Asia-Pacific led all regions in terms of percentage growth, with millionaire wealth rising 10.5% and the population increasing by 9.4%. While China ranked fourth globally by adding 154,000 millionaires, other markets in the region provided significant momentum.
The Korean stock market surged 76% in 2025, and Taiwanese markets were powered higher by a global rally in semiconductor stocks. By the end of the year, Asia’s total millionaire population reached 8.3 million.
Regional growth was not uniform, however. Europe rebounded strongly after a difficult 2024, recording 8% wealth growth and a 6.5% rise in its population of millionaires. Conversely, the Middle East was the only region to contract. High-net-worth wealth in that region declined by 1.
5%, a drop attributed to falling oil prices and ongoing regional conflict. Such volatility often impacts energy markets, as seen when global stocks rise and oil prices fall based on shifting expectations of geopolitical stability.
Germany maintains global third-place ranking
Germany retained its position as the third-largest millionaire hub globally in 2025. Approximately 1.78 million people in the country were classified as HNWIs by the end of the year, marking an 11.1% increase from 2024 levels. This growth highlights Germany’s continued role as a primary center for European wealth, even as other markets struggled with shifting interest rates.
The combined wealth of German millionaires rose by 12.7% to just over $7.1 trillion, which is approximately 6.1 trillion euros. This outperformed the broader European growth average. Investors in the region benefited from an easing of inflation and a recovery in equity markets, similar to the trends that saw TFI International’s valuation rise following strong performance reports earlier in the cycle.
Shifting portfolios reflect a risk-on investor attitude
The World Wealth Report indicates a clear “risk-on” shift as millionaires moved away from cash holdings toward equities. In 2025, millionaires held an average of 25% of their portfolios in stocks, up from 22% in 2024.
This increase was driven largely by rising stock prices and a fear of missing out on the continued bull run. Cash holdings simultaneously fell to 24% from 26% the previous year.
Alternative investments, which include private equity and hedge funds, saw their share of millionaire portfolios decline to 12% from 15%. Meanwhile, holdings in fixed income increased from 18% to 20%, as investors sought to lock in yields. Real estate investments remained flat, accounting for 19% of the average portfolio. Wilson observed that equity performance is actively encouraging a migration from lower-risk to higher-risk investments.
This evolving investment strategy has created a more complex environment for wealth managers. Today’s wealthy individuals are increasingly dividing their fortunes among multiple advisors. One-quarter of all millionaires now use between four and six different advisors, which is double the number reported in 2019. The number of millionaires relying on only a single firm has plummeted to just 19%.
Evolving challenges for traditional wealth management
Wealth management firms are facing new competition from nontraditional platforms. Investors in the $1 million to $5 million range are increasingly turning to automated robo-advisors. Meanwhile, those with $5 million to $100 million are gravitating toward Registered Investment Advisors (RIAs) over traditional banks and wire houses.
At the very top of the scale, more clients are establishing their own family offices to take direct control of their assets.
To remain competitive, firms must focus on creating personalized connections and broad service orchestration. Wilson noted that trust is built when a manager can handle a client’s specific needs across a range of products. The ability to offer tailored services is now a critical factor in retaining high-net-worth clients who are otherwise quick to seek specialized expertise elsewhere.