Global Millionaire Count Hits Record 25.3 Million In 2025
Combined High-Net-Worth Assets Near $100 Trillion, Approaching World GDP
In 2025, the total wealth held by the world's high-net-worth individuals rose nearly 9 percent, reaching a record $98.3 trillion, according to a report by consulting firm Capgemini — a figure approaching the World Bank's estimate of approximately $111 trillion in global GDP for 2024.
High-net-worth individuals are defined as those with investable assets of $1 million or more.
The number of millionaires worldwide grew by nearly two million to a record 25.3 million, with optimism around artificial intelligence driving equity markets higher and serving as the primary engine of wealth creation.
"One hundred trillion dollars in global wealth is a staggering amount of money," said Jared Murphy, an executive at U.S. asset management firm BlackRock. "Frankly, it's a tremendous opportunity."
Concentration At The Top
Wealth remained highly concentrated among a small number of ultra-high-net-worth individuals — those with investable assets of $30 million or more. That group recorded the fastest rate of asset growth among all wealth tiers, with its population reaching a record 250,000.
United States Leads
The United States created more new millionaires than any other country in 2025, adding 736,000 high-net-worth individuals to bring its total to 8.7 million. Wealth among that group rose 10 percent year-on-year.
Asia-Pacific Surges Past North America
On a regional basis, Asia-Pacific recorded the largest wealth gain, with assets surging 10.5 percent — outpacing North America — as soaring demand for semiconductors boosted Asian markets. Japan and China led the region, adding 436,000 and 154,000 new millionaires respectively.
Europe's high-net-worth population grew 6.5 percent in 2026, reversing a prior decline, driven by easing inflation and stabilizing equity markets. Luxembourg posted the sharpest growth among European countries, with its wealthy population expanding 13.5 percent.
Middle East Contracts
The Middle East stood in contrast to other regions, where the high-net-worth population shrank by 1.4 percent, partly due to falling oil prices and regional conflict. The survey data was collected before the outbreak of conflict between the United States, Israel, and Iran, after which oil prices rose and economic shockwaves spread globally.
IPO Pipeline Could Accelerate Wealth Creation Further
Global wealth creation is expected to accelerate further in the coming period. Several major anticipated initial public offerings are seen as potential catalysts. SpaceX's expected IPO is projected to create multiple new millionaires and would almost certainly make Elon Musk the world's first trillionaire. As startups Anthropic and OpenAI race toward Wall Street listings, several prominent technology figures are expected to enter the ranks of the ultra-wealthy.
Inequality Deepens
As global wealth grows, income inequality is widening, with the so-called K-shaped economic recovery becoming more pronounced. According to Federal Reserve data, the top 1 percent of U.S. households held nearly 32 percent of the country's total wealth in the fourth quarter of 2025 — the highest level recorded since the Fed began tracking the data in 1989.