Global Millionaire Count Jumps 920,000 in 2025, UBS Reports
2h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
wealth-reportmillionaires
Fazen Markets Editorial Desk
Collective editorial team · methodology
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The global population of adults with assets exceeding one million U.S. dollars grew by 920,000 in 2025, reaching a total of 55.77 million, according to an annual wealth report released by UBS on 30 June 2026. This marks the largest single-year increase in the number of millionaires on record outside of a major post-crisis recovery year. The aggregate wealth of these individuals now stands at an estimated $221 trillion. The growth occurred despite a backdrop of moderate inflation and modest equity market returns across major developed economies.
The 2025 surge in millionaire creation follows a period of relative stagnation. In 2024, the global millionaire count grew by only 520,000, a decade-low outside of recessionary periods. The last comparable expansion occurred in 2021, when pandemic-era fiscal stimulus and soaring asset prices added roughly 800,000 new millionaires. The current macro backdrop features 10-year Treasury yields hovering near 4.2% and the S&P 500 index returning approximately примен7% year-to-date in 2025, trends not typically associated with explosive wealth creation.
The catalyst for the 2025 acceleration was not uniform across geographies. While traditional wealth hubs contributed, the report identifies a pivotal shift in the source of new wealth. Strong corporate profit growth in specific regions, coupled with a significant appreciation in certain non-financial assets, created wealth outside established financial centers. This development represents a meaningful change in the composition of global high-net-worth individuals, moving beyond a straightforward correlation with U.S. equity market performance.
The 920,000 new millionaires in 2025 represent a 1.7% increase in the total count. The United States remains the largest single-country cohort, adding 310,000 new members to reach 24.48 million. China saw its millionaire population grow by 190,000 to 6.16 million. The Asia-Pacific region ex-China and Japan accounted for a combined 280,000 of the new entrants, signaling a substantial regional acceleration.
Wealth-tier growth was not uniform. The number of adults with wealth above $50 million grew by 14.2% globally. In contrast, the number of individuals in the $1-5 million band increased by only 1.4%. This divergence highlights a disproportionate wealth accrual at the very top of the spectrum. The global wealth-to-GDP ratio rose to 300%, matching its 2021 peak and exceeding the pre-financial crisis high of 235% recorded in 2007.
| Region | Millionaire Count 2024 | Millionaire Count 2025 | Annual Change |
|---|---|---|---|
| North America | 24.17M | 24.48M | +310,000 |
| Asia-Pacific (ex-China/JPN) | 9.21M | 9.49M | +280,000 |
| China | 5.97M | 6.16M | +190,000 |
The concentration of wealth growth at the highest tiers directly benefits luxury goods firms and private wealth management platforms. Tickers like LVMH (MC.PA), Richemont (CFR.SW), and high-end asset managers such as Julius Baer (BAER.SW) stand to gain from increased discretionary spending and assets under management. Conversely, mass-market consumer discretionary sectors show no comparable boost, indicating a continued K-shaped spending pattern.
A key risk is that this wealth expansion is heavily tied to illiquid or concentrated assets like privately held businesses and real estate in specific hotspots. A correction in these markets could rapidly reverse the millionaire count gains, as seen during the 2022-2023 downturn in technology valuations. The report acknowledges that debt levels among high-net-worth individuals also rose in 2025, introducing use risk.
Positioning flows are already visible in luxury sector ETFs and the shares of Swiss private banks. Hedge fund activity in consumer staple versus consumer discretionary pairs also reflects the divergence in spending power. Capital flow data shows sustained investment into Asian private equity and venture capital funds, aligning with the region's strong showing in new wealth creation.
The sustainability of this trend hinges on two immediate catalysts. First, corporate earnings reports in Q3 2026, particularly from European luxury conglomerates and Asia-focused financial institutions, will test the wealth effect thesis. Second, monetary policy decisions by the Federal Reserve and ECB in September 2026 will influence asset valuations critical to millionaire portfolios.
Key levels to monitor include the MSCI World Index maintaining support above 3,400 and the continued outperformance of the MSCI Asia Pacific ex-Japan Index relative to the S&P 500. A break below 4.0% on the U.S. 10-year yield could provide further support for asset valuations, while a surge above 4.5% would pressure highly valued private equity portfolios.
Investors should watch for any regulatory shifts in jurisdictions experiencing rapid wealth growth, as new tax policies could alter the accumulation trajectory. The performance of commercial real estate in secondary Asian cities will also serve as a barometer for the health of this new wealth cohort.
The UBS report defines a millionaire as an adult with net assets exceeding one million U.S. dollars, including financial investments, real estate (minus mortgage debt), and business interests, but excluding consumer durables. The 2025 surge was driven primarily by entrepreneurship and equity in private businesses, not just stock market gains. Inheritance played a smaller role than in prior years, accounting for less than 20% of new entrants.
The report details that global wealth inequality, as measured by the share of wealth held by the top 1%, remained essentially flat in 2025 at approximately 45%. The rapid growth at the very top ($50M+) was offset by a larger total number of new entrants into the $1M+ bracket. However, the wealth of the bottom 50% of adults grew at a slower rate, suggesting the benefits of economic growth are not being distributed proportionally.
No, purchasing power parity creates significant differences. A millionaire in the United States holds considerably less local purchasing power than a millionaire in India or Vietnam, where the cost of living is lower. The report adjusts for this in its analysis of wealth distribution but presents headline figures in nominal U.S. dollars for global comparability. This means a substantial portion of new millionaires in Asia enjoy a higher local standard of living than their net worth might suggest in a global context.
The 2025 wealth explosion was powered by entrepreneurship in Asia and illiquid assets, not by Wall Street bull markets.
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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