Aerial view of yachts moored within the Port Vell marina of Barcelona, Spain
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A model of this text first appeared in CNBC’s Inside Wealth e-newsletter with Robert Frank, a weekly information to the high-net-worth investor and shopper. Join to obtain future editions, straight to your inbox.
Hovering inventory markets created almost 2 million new millionaires world wide final yr, with the extremely wealthy seeing the strongest development, in response to a brand new examine.
The inhabitants of worldwide millionaires surged 7.9% to 25.3 million in 2025, in response to the Capgemini World Wealth Report. Their whole wealth elevated by 8.7% to $98.3 trillion, marking the quickest development in 5 years.
On the identical time, a wealth hole between millionaires and the extremely rich continues to widen. The rising wealth of millionaires — outlined by Capgemini as these with $1 million or extra in investible property, excluding main residence, collectibles and shopper items — was outpaced by the expansion of so-called “ultra-high-net-worth people (UHNWI),” or these with $30 million or extra. The inhabitants of UHNWIs grew 9.4% in 2025, to 250,000, and their fortunes rose 9.7%, in response to the report.
UHNWIs now symbolize 1% of the general millionaire inhabitants, however they maintain 35% of all millionaire wealth, in response to the examine. Gareth Wilson, world banking business lead at Capgemini, mentioned one purpose the extremely rich are outpacing millionaires is their entry to higher-returning non-public investments.
“They’ve entry to investments and alternatives that are not afforded even to the millionaires subsequent door, whether or not or not it’s pre-IPO investments or non-public markets,” Wilson mentioned. “While you have a look at these people who’ve investable property at that scale, they most likely have extra affect when it comes to entry to a few of the hedge funds, entry to the non-public markets, and so they’re most likely afforded entry to another form of pre-IPO investments that us mere mortals most likely do not even find out about.”
Geographically, the U.S. continues to energy a lot of the worldwide millionaire development. The U.S. added 730,000 new millionaires in 2025, bringing the full U.S. millionaire inhabitants to eight.73 million, in response to the report. Their fortunes surged by almost $3 trillion to $31.3 trillion.
Asia additionally posted robust development, with its millionaire wealth up 10.5% and millionaire inhabitants up 9.4%.
Whereas China had been the principle development engine for Asian wealth for years, Korea and Taiwan are actually main Asian wealth creation, because the Korean inventory market surged 76% final yr and semiconductor shares powered Taiwanese markets greater. Asia’s whole millionaire inhabitants reached 8.3 million in 2025, in response to the report.
Europe’s millionaire inhabitants grew 6.5%, whereas Latin America’s rose 0.3% and the Center East noticed a decline of 1.4%.
In the case of their investments, the world’s millionaires are rising their holdings of shares. They held a mean of 25% of their portfolios in shares in 2025, up from 22% in 2024 — more than likely as a result of rising share costs. Their share of options declined to 12% from 15% and their money holdings additionally fell to 24% from 26%. Their holdings of mounted earnings elevated from 18% to twenty% and their actual property investments remained flat at 19%.
The elevated holdings of shares and drawdowns in money level to a continued “danger on” angle amongst millionaire buyers. With markets coming off three years of double-digit features, buyers are extra scared of lacking out on a bull run than they’re of losses.
“The equities efficiency is encouraging the motion from lower-risk to higher-risk investments,” Wilson mentioned. “I might say we have most likely seen a rise within the danger urge for food, and we have additionally seen the high-net-worth people observe the cash when it comes to fairness efficiency.”
Whereas the surge in wealth has created extra alternative for wealth managers, it is also creating new challenges. At the moment’s rich are more and more dividing their fortunes between a number of advisors based mostly on their specialties, fairly than counting on one or two trusted companies. 1 / 4 of all millionaires now use between 4 and 6 advisors — double the quantity from 2019, in response to Capgemini. The variety of millionaires utilizing just one advisor has fallen by greater than half, to 19%.
On the identical time, rich buyers are turning to nontraditional companies for recommendation. On the decrease finish of the wealth spectrum, for these with between $1 million and $5 million, buyers are utilizing extra roboadvisors, or automated platforms. Within the center phase, say between $5 million and $100 million, extra purchasers are turning to registered funding advisors over conventional wire homes and banks. And on the high, many are creating their household places of work.
To raised serve purchasers within the new aggressive panorama, companies want to know all of their shopper wants, fairly than simply specializing in funding pointers, Capgemini mentioned. Corporations that present customized and services tailor-made to the lives and wishes of purchasers will seize extra property.
Advisors additionally have to spend extra time constructing trusted relationships with purchasers, Wilson mentioned.
“We have seen the place that relationship supervisor is ready to construct belief, construct a really customized join, and in addition orchestrate all of the services for the shopper in a particular manner,” Wilson mentioned. “They not solely retain that relationship, however purchasers will suggest them. You need your high-net-worth people recommending you to their buddies on the nation membership, or the golf membership, or the boat membership.”
