Global millionaires rise by nearly 1 million in 2025

Global personal wealth recorded its strongest annual growth in several years during 2025, driven by robust financial markets and rising asset values

Global personal wealth recorded its strongest annual growth in several years during 2025, driven by robust financial markets and rising asset values, according to the latest Global Wealth Report released by Swiss banking giant UBS on Tuesday. The report revealed that nearly one million people joined the ranks of US dollar millionaires over the past year, reflecting a significant expansion in wealth worldwide despite growing concerns over economic inequality.

According to the report, total personal wealth across the globe increased by 10.8 percent in 2025, a substantial improvement from the 4.6 percent growth recorded in 2024 and 4.2 percent in 2023. UBS attributed the sharp rise primarily to strong performances in global equity markets and higher valuations of financial assets, which significantly boosted household wealth in many economies.

The report noted that the number of millionaires reached an all-time high, describing 2025 as a year in which there were “more millionaires than ever before” across the world. The United States remained the leading contributor to this trend, adding more than 440,000 new US dollar millionaires during the year. This accounted for nearly half of all new millionaires created globally, underscoring the country’s continued dominance in global wealth creation.

UBS also highlighted notable wealth growth across Europe when measured in US dollar terms. The bank explained that much of this increase was linked to the weakening of the US dollar against the euro during the year. Currency movements amplified the value of European assets when converted into dollars, contributing to faster reported wealth growth across the region.

Despite the encouraging rise in overall wealth, the report warned that the benefits have not been shared equally. UBS observed that wealth inequality has continued to widen since 2020. Although average wealth per adult increased in many countries, median wealth—which provides a more accurate picture of the financial position of the typical individual—declined in most markets.

The divergence between average and median wealth suggests that gains have been concentrated among the wealthiest segments of society, while many middle-income households have experienced slower growth or even declines in their net worth. The findings point to a widening gap between high-net-worth individuals and the broader population, raising concerns about the distribution of economic gains.

For its annual assessment, UBS examined data from 56 markets, representing an estimated more than 92 percent of global personal wealth. The report is widely regarded as one of the most comprehensive studies tracking household wealth trends, offering insights into changes in assets, liabilities, investment patterns, and wealth distribution across the world.