The world’s millionaires just had their best year in half a decade. Global high-net-worth individual wealth surged 8.7% in 2025, landing at $98.3 trillion, according to Capgemini’s latest World Wealth Report.
The numbers behind the boom
The HNWI population, defined as individuals holding $1 million or more in investable assets, grew 7.9% to reach 25.3 million globally. The United States was the primary engine of that growth, adding 736,000 new millionaires and bringing its total to 8.7 million.
But the real story sits at the top of the wealth pyramid. Ultra-high-net-worth individuals, those holding more than $30 million in investable assets, saw even sharper gains. Their population climbed 9.4% to 250,000, while their collective wealth rose 9.7%.
The report, based on a survey of 6,510 HNWIs and wealth managers, identifies two primary catalysts for the 2025 surge: AI-driven equity rallies and stabilizing inflation rates.
