Soaring markets created nearly 2 million new millionaires in 2025

Soaring markets create nearly 2 million new millionaires

Global stock market gains produced a sharp jump in the worlds millionaire population last year, with nearly 2 million people crossing the $1 million threshold in investible assets. The Capgemini World Wealth Report found that the number of millionaires rose 7.9% in 2025 to 25.3 million, while their combined wealth climbed 8.7% to $98.3 trillion the fastest growth in five years.

The gains were not evenly distributed. A widening gap between millionaires and the ultra-rich continued in 2025: ultra-high-net-worth individuals (UHNWIs), defined by Capgemini as those with $30 million or more in investible assets, increased by 9.4% to about 250,000 people, and their wealth rose 9.7%. Although UHNWIs represent only 1% of the overall millionaire cohort, they now hold 35% of all millionaire wealth.

Gareth Wilson, Capgeminis global banking industry lead, said the ultra-rich benefit from access to higher-returning private investments that are typically out of reach for many millionaires. Pre-IPO allocations, private markets and selective hedge fund access give UHNWIs a performance edge, he said.

Geographically, the United States drove much of the new wealth creation: the U.S. added 730,000 new millionaires in 2025, bringing its total to about 8.73 million. U.S. millionaire wealth rose by nearly $3 trillion to $31.3 trillion. Asia also posted strong results, with millionaire wealth up 10.5% and the millionaire population up 9.4% to 8.3 million. While China had long been the engine of Asian wealth growth, Korea and Taiwan led the region last year as Korean markets surged 76% and semiconductors boosted Taiwans rally. Europes millionaire population grew 6.5%, Latin America rose 0.3%, and the Middle East saw a 1.4% decline.

The composition of millionaire portfolios shifted in 2025, reflecting a more risk on stance. On average, millionaires held 25% of their portfolios in equities in 2025, up from 22% the prior year a move likely driven by rising share prices and a fear of missing out after several years of strong market returns. Alternatives fell to 12% of portfolios from 15%, cash holdings dropped to 24% from 26%, fixed income rose to 20% from 18%, and real estate remained steady at 19%.

The equities performance is encouraging the movement from lower-risk to higher-risk investments, Wilson said, noting higher risk appetite among high-net-worth investors who are following the money into equities after solid returns.

Implications for wealth managers and advisors

The surge in wealth presents both opportunity and challenge for the firms that serve wealthy clients. Capgeminis research shows that wealthy individuals are increasingly fragmenting their advice relationships: one in four millionaires now uses between four and six advisors double the share in 2019 while the share relying on a single advisor has fallen to 19%.

Investor preferences are also changing by wealth band. Those with $1 million to $5 million are more frequently turning to roboadvisors and automated platforms. Clients in the $5 million to $100 million band are shifting toward registered investment advisors and away from traditional wire houses and bank channels. At the top end, many UHNWIs are establishing family offices to manage complex needs.

To win and retain clients in this more competitive, fragmented market, Capgemini advises firms to broaden their service offering beyond investment management. That means tailoring products and services to clients broader life needs and coordinating multiple specialists to serve complex households. Relationship managers who build trust and orchestrate a holistic set of services are more likely to retain clients and benefit from referrals.

Weve seen where that relationship manager is able to build trust, build a very personalized connect, and also orchestrate all the products and services for the client in a specific way, Wilson said. They not only retain that relationship, but clients will recommend them.

For wealth managers, the takeaway is clear: rising numbers and concentrations of wealth create opportunity, but the business will belong to firms that can deliver personalized, integrated advice and cultivate durable client relationships in an era of greater choice.