The Paris-based Capgemini Research Institute's 30th World Wealth Report finds that there were 25.3 million dollar-millionaires (HNWI) worldwide in 2025, an increase of nearly two million compared with the previous year. According to the report, the total wealth held by HNWI rose 8.7% to $98,300 billion (98.3 trillion), the largest single-year gain since 2018.
What drove the growth?
The study highlights that equity markets were a primary driver of the wealth increase, with a stock-market rally largely fueled by artificial intelligence (AI). Easing inflation also supported rising asset values. In five out of six regions covered by the report, equities were the main growth engine.
Ultra-high-net-worth individuals and concentration of wealth
The ultra-high-net-worth individuals (UHNWI) segment grew fastest: their numbers increased by 9.4%, approaching 250,000, while their wealth rose by 9.7%, outpacing the broader HNWI cohort. Wealth concentration remains high: the richest 1% hold 34.8% of total HNWI wealth.
Regional differences
- Asia Pacific led with 10.5% growth, supported in part by strong demand for semiconductors. Within the region, Japan recorded 436,000 new millionaires and China 154,000.
- North America, driven by the United States, added 736,000 new wealthy individuals, bringing the U.S. HNWI population to 8.7 million — the largest country-level contribution to new millionaires.
- Europe rebounded after a 2024 decline, with a 6.5% increase; Luxembourg saw 13.5% growth and Germany 11.1%.
- The Middle East was the only region to register a decline in wealthy individuals, shrinking by 1.4%; the report attributes this to lower oil prices and regional conflicts.
Portfolio composition and investment trends
The equity rally affected portfolio mixes: by January 2026, equities represented 25% of HNWI portfolios, up three percentage points year-on-year. Bond allocations also increased to 20%, while the share of alternative investments fell to 12% due to the outperformance of public markets. Nonetheless, interest in alternatives remains strong: two-thirds of millionaires plan to increase private equity exposure.
Market competition and client experience
Competition in wealth management has intensified. In 2019, 39% of millionaires worked with only a single firm; by 2025 that proportion had fallen to 19%. Some 88% of clients appoint multiple providers specifically to access alternative investment opportunities.
The report also flags shortcomings in client experience: only 17% described advice received as seamless and personalized, and 42% said they had to repeat their financial goals and preferences multiple times to the same firm. Wealth managers still primarily segment clients by assets under management — 97% use this method — and 60% of leaders acknowledge a lack of a unified client view within their organizations.
Technology and automation
Administrative tasks account for 41% of advisors' working hours. Three-quarters of advisors want routine work automated through artificial intelligence so they can spend more time on client relationships. Wealth-tech startups, single-family offices (SFOs) and robo-advisors are taking an increasing share of market activity from traditional players.
The findings provide market-relevant information but do not constitute investment advice or recommendations.
