Global Millionaire Count Soars 7.9% to 25.3 Million in 2025
1h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
millionaireswealth-reporthigh-net-worth
Fazen Markets Editorial Desk
Collective editorial team · methodology
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The population of global millionaires increased 7.9% to 25.3 million individuals in 2025, as reported by Capgemini on 4 June 2026. The addition of 1.85 million new millionaires marked the second-largest annual expansion since the Capgemini World Wealth Report began tracking data three decades ago. This surge was primarily driven by strong global equity market performance, with major indices delivering double-digit returns throughout the calendar year. The North American region led the growth, adding nearly 900,000 individuals to the millionaire cohort.
The expansion in 2025 represents a notable acceleration from prior years. Growth in the high-net-worth-individual (HNWI) population averaged just 4.5% annually across the preceding five-year period from 2020 to 2024. The last comparable surge occurred in 2021 when post-pandemic stimulus fueled a 7.6% increase. The current growth cycle reflects a structurally different macro environment. Global central banks, including the Federal Reserve and the European Central Bank, were in the midst of a synchronous interest rate cutting cycle in 2025 to combat economic slowdown fears. This monetary pivot provided a powerful tailwind for risk assets, compressing discount rates and boosting equity valuations. The primary catalyst was a sustained rally across U.S. and European stock markets, which began in late 2024 and continued through the second quarter of 2025.
The global HNWI cohort, defined as individuals with investable assets exceeding $1 million, now holds a combined $108.2 trillion in wealth. This represents an 8.2% increase from the $100 trillion recorded at the end of 2024. The growth in wealth outpaced population growth, indicating existing millionaires also saw significant portfolio appreciation. The Asia-Pacific region, excluding Japan, hosts 7.1 million millionaires, while Europe hosts 6.8 million. The composition of wealth shifted markedly. The equity allocation within HNWI portfolios rose to 34% globally, a 4-percentage-point increase from 2024 levels. Fixed income allocations concurrently fell to 19% from 22%. This portfolio rotation contributed to the wealth increase, as global equities, as measured by the MSCI All Country World Index, returned 15.8% in 2025, compared to a return of 5.2% for the Bloomberg Global Aggregate Bond Index.
| Region | Millionaire Population (2025) | Year-on-Year Growth | Wealth Total ($ Trillion) |
|---|---|---|---|
| North America | 10.4 million | +9.4% | $48.1 |
| Asia-Pacific | 7.1 million | +7.6% | $26.8 |
| Europe | 6.8 million | +6.3% | $25.9 |
| Middle East & Africa | 1.0 million | +8.7% | $3.8 |
The wealth concentration directly benefits sectors catering to high-net-worth individuals. Private banks and wealth management firms like UBS Group (UBS), Morgan Stanley (MS), and Julius Baer (BAER.SW) stand to see increased assets under management and fee-based revenue. Luxury goods companies, including LVMH (MC.PA) and Hermès (RMS.PA), typically experience stronger demand elasticity from this demographic. The report indicates a clear flow of capital into equities, particularly U.S. mega-cap technology stocks which dominate major indices. This creates a self-reinforcing cycle where index performance lifts wealth numbers, which in turn fuels further inflows into index-tracking funds like the SPDR S&P 500 ETF (SPY).
A key limitation of the data is its reliance on investable assets, excluding primary real estate. It may understate total net worth in regions where wealth is stored in residential property. The primary counter-argument is that such wealth expansions often precede market peaks, as retail euphoria reaches a zenith. Positioning data from major prime brokerages shows net long exposure to U.S. equities among hedge funds reached its highest level since late 2021 in Q4 2025, coinciding with this wealth report period.
The sustainability of this wealth expansion hinges on two immediate catalysts. The first is corporate earnings season for Q2 2026, commencing in mid-July with major bank reports. Earnings must justify elevated equity valuations to support further gains. The second is the trajectory of the Fed's balance sheet policy, with clarity expected after the FOMC meeting on 29 July 2026.
Key technical levels for the S&P 500 provide a gauge for sentiment. A sustained break above the 6,000 level would signal continued bullish momentum, while a failure to hold support at the 200-day moving average, currently near 5,450, could trigger deleveraging. Watch for divergence between the wealth report's bullish narrative and leading economic indicators like the ISM Manufacturing PMI, due 1 July 2026, which could signal underlying economic stress.
The Capgemini World Wealth Report methodology includes cryptocurrency holdings as part of an individual's investable assets if they are held through regulated exchanges or custodians. The 2025 report noted a stabilization in crypto allocations among HNWIs at approximately 1.5% of portfolios, down from a peak of over 3% in 2021. This suggests crypto wealth contributed marginally to the overall growth figure, with traditional equities and funds being the dominant drivers.
The report defines a high-net-worth-individual (HNWI) as a person with investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. This is a standard industry definition used by private banks for client segmentation. The $1 million threshold is consistent across regions, though purchasing power parity varies significantly, meaning the lifestyle supported by this wealth differs greatly between, for example, Switzerland and India.
The segment of individuals with investable assets exceeding $30 million, often called ultra-high-net-worth individuals (UHNWIs), grew at a faster rate than the overall millionaire population. This cohort expanded by 8.8% in 2025, adding approximately 62,000 individuals. Their collective wealth now exceeds $45 trillion, representing over 40% of all HNWI wealth. This acceleration at the top of the wealth pyramid highlights the disproportionate benefit of financial asset inflation for the largest portfolios.
A surging equity market created nearly 2 million new millionaires in 2025, concentrating financial wealth at a pace not seen since 2021.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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