Global millionaire ranks rose by 2 million in 2025, Capgemini says
Capgemini said strong markets lifted millionaire wealth to $98.3 trillion, while ultra-rich investors pulled further ahead.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
Strong stock markets helped add nearly 2 million people to the world’s millionaire population in 2025, according to Capgemini’s World Wealth Report. The gains matter for wealth managers and investors because the growth was strongest among the ultra-wealthy, widening the split at the top of global wealth.
Capgemini said the number of people with at least $1 million in investable assets rose 7.9% last year to 25.3 million. The firm’s definition excludes a primary home, collectibles and consumer goods.
Total wealth held by those millionaires climbed 8.7% to $98.3 trillion, Capgemini said, the fastest increase in five years. The report tied much of the gain to rising equity markets.
Ultra-wealthy investors gained faster
The richest slice of the millionaire population grew even more quickly. Capgemini said the number of ultra-high-net-worth individuals, defined as people with at least $30 million in investable assets, rose 9.4% to 250,000 in 2025.
Their combined wealth increased 9.7%, according to the report. Ultra-high-net-worth individuals account for about 1% of all millionaires but hold 35% of millionaire wealth, Capgemini said.
Gareth Wilson, Capgemini’s global banking industry lead, said access helps explain the gap. He said ultra-rich investors can often reach private markets, hedge funds and pre-IPO opportunities that are not available to many other wealthy investors.
U.S. and Asia led growth
The United States remained a major driver of millionaire creation, according to Capgemini. The U.S. added 730,000 millionaires in 2025, raising its total to 8.73 million, while their combined wealth rose by almost $3 trillion to $31.3 trillion.
Asia also posted strong gains. Capgemini said the region’s millionaire population increased 9.4%, while millionaire wealth rose 10.5%.
The report said Korea and Taiwan have become major contributors to Asian wealth growth after years in which China played the leading role. Capgemini cited a 76% rise in Korea’s stock market and gains in Taiwan tied to semiconductor shares. Asia’s millionaire population reached 8.3 million in 2025, according to the firm.
Europe’s millionaire population rose 6.5%, Capgemini said. Latin America grew 0.3%, while the Middle East declined 1.4%.
Millionaires shifted further into stocks
Capgemini said millionaires increased the average share of equities in their portfolios to 25% in 2025 from 22% in 2024. Cash fell to 24% from 26%, and alternative investments declined to 12% from 15%.
Fixed income rose to 20% from 18%, while real estate stayed at 19%, according to the report. Wilson said equity gains have encouraged wealthy investors to move from lower-risk assets toward higher-risk investments.
The report also found that wealthy clients are spreading their money across more advisory relationships. Capgemini said one-quarter of millionaires now use four to six advisors, twice the share reported in 2019, while the share using one advisor has fallen by more than half to 19%.
Capgemini said clients at different wealth levels are turning to different providers, including roboadvisors among those with $1 million to $5 million, registered investment advisors among some mid-tier wealthy clients and family offices at the top end. Wilson said advisors who build trust and tailor services to clients are better positioned to keep those relationships.
This story draws on original reporting from CNBC.