Soaring stock markets created nearly 2 million new millionaires around the world in 2025, according to a new Capgemini study, as global wealth reached its fastest growth rate in five years despite persistent concerns about market concentration and economic uncertainty.

Market Context

The findings arrive amid an unprecedented bull run for equity markets. The S&P 500 has delivered three consecutive years of double-digit gains, powered by strong corporate earnings, AI-driven enthusiasm, and robust consumer spending. However, the wealth creation has been unevenly distributed geographically and across wealth brackets, with the ultra-wealthy capturing a disproportionate share of the expansion.

Analysis

Capgemini's World Wealth Report reveals that while the global millionaire population climbed 7.9% to 25.3 million in 2025, those at the very top saw even faster growth. Ultra-high-net-worth individuals (UHNWIs) — defined as those with $30 million or more in investible assets — grew their ranks by 9.4% to reach 250,000 people worldwide.

The widening wealth gap between millionaire tiers reflects structural advantages available only to the ultra-wealthy. "They have access to investments and opportunities that aren't afforded even to the millionaires next door, whether it be pre-IPO investments or private markets," said Gareth Wilson, global banking industry lead at Capgemini. "When you look at those individuals who have investable assets at that scale, they probably have more influence in terms of access to some of the hedge funds, access to the private markets."

UHNWIs now represent just 1% of the overall millionaire population but hold 35% of all millionaire wealth — a concentration that underscores how access to exclusive investment opportunities compounds advantages over time.

Key Numbers

- Global millionaire population: 25.3 million (up 7.9%)

- Total global millionaire wealth: $98.3 trillion (up 8.7%)

- New millionaires created globally: nearly 2 million

- U.S. new millionaires added: 730,000

- U.S. millionaire population total: 8.73 million

- U.S. millionaire wealth: $31.3 trillion (up nearly $3 trillion)

- Asia's millionaire population: 8.3 million (up 9.4%)

- Korea stock market gain: 76% in 2025

What to Watch

The shift toward riskier assets among wealthy investors could accelerate if equity markets continue their upward trajectory. Millionaires increased their average portfolio allocation to stocks to 25% from 22%, while trimming cash holdings to 24% from 26%. With triple-digit percentage returns in some Asian markets, fear of missing out appears to be overriding concerns about valuations.

The competitive landscape for wealth managers is also evolving rapidly. A quarter of all millionaires now use between four and six advisors — double the number from 2019 — as wealthy clients increasingly seek specialized expertise across multiple firms rather than relying on a single relationship manager.