Nearly 1 million new millionaires created in 2025, UBS report finds

Personal wealth surged at its fastest pace in years during 2025, minting nearly one million new U.S. dollar millionaires worldwide, according to UBS's ↗ 0.17% annual Global Wealth Report published on Tuesday. The findings underscore both the power of buoyant financial markets to generate fortunes and the widening gap between those at the top and everyone else.

Record Wealth Growth

Total personal wealth globally rose by 10.8% last year, a sharp acceleration from 4.6% in 2024 and 4.2% in 2023, driven by strong financial market performance, UBS found. The bank said there were "more millionaires than ever, everywhere" in 2025, with the United States alone accounting for nearly half the growth — over 440,000 Americans crossed the millionaire threshold during the year.straitstimes+1

Wealth measured in U.S. dollar terms grew disproportionately fast in Europe, largely because the dollar depreciated against the euro over the course of 2025, amplifying gains for European asset holders when converted to dollar terms.straitstimes

Inequality Deepens

Despite the headline gains, the report paints a less flattering picture for the broader population. While average wealth rose, inequality has deepened since 2020, UBS said. Median wealth — a measure that better reflects the financial standing of those in the middle — declined in most countries, highlighting a growing divide between the wealthiest and the rest.globalbankingandfinance+1

The findings echo broader research on global inequality. The World Inequality Report 2026, published earlier this year, found that the top 0.001% of individuals — roughly 60,000 people — now hold three times more personal wealth than the entire bottom 50% of the global population.politybooks

Methodology and Outlook

For the report, UBS analyzed 56 markets it estimates represent over 92% of the world's wealth. The 2025 edition had previously projected an additional 5.34 million millionaires worldwide by the end of the decade, a trajectory that appears well on track given the pace of last year's gains. The Capgemini World Wealth Report 2026, published separately this month, corroborated the trend, finding the global millionaire population grew 7.9% to 25.3 million individuals in 2025.familywealthreport+3

The central tension remains: rising asset prices — particularly in equities and real estate — are the primary engine of millionaire creation, benefiting those who already own such assets while leaving wage-dependent households further behind.youtube