Global millionaire population rises by nearly 20 lakhs in 2025 as equity markets boost wealth: Capgemini report

Global wealth surged in 2025, with the worldwide population of high-net-worth individuals (HNWIs) increasing by nearly 20 lakhs, driven by strong stock market performance and easing inflation, according to the World Wealth Report 2026 released by Capgemini Research Institute. 

The report found that global HNWI wealth grew 8.7% year-on-year (YoY) to a record $98.3 trillion in 2025, marking the largest annual increase since 2018. The global millionaire population rose to 2.5 crore individuals during the year. 

Ultra-high-net-worth individuals (UHNWIs) emerged as the biggest beneficiaries of the wealth boom. Their population increased 9.4% YoY to around 250,000, making them the fastest-growing wealth segment for the second consecutive year. UHNWI wealth expanded 9.7%, outpacing overall HNWI wealth growth. Despite the broad-based increase in wealth, concentration remained high, with the top 1% of HNWIs accounting for 34.8% of total HNWI wealth. 

Asia-Pacific leads wealth creation 

The Asia-Pacific region recorded the strongest growth globally, with HNWI wealth rising 10.5% and the millionaire population increasing 9.4%. Strong demand for semiconductors supported regional equity markets, helping Japan and China add 436,000 and 154,000 millionaires, respectively. India and Australia also posted gains, with their HNWI populations rising by 11,300 and 18,100 individuals. 

North America followed closely, with its HNWI population expanding 9.1%. The US added 736,000 new millionaires, the highest increase among all countries, taking its HNWI population to 87 lakh. Canada's millionaire population grew 6.7%, adding around 30,000 HNWIs. 

Europe rebounded after a decline in 2024, with its HNWI population growing 6.5% amid stabilising equity markets and easing inflation. Luxembourg recorded one of the strongest performances with a 13.5% increase in HNWI population while Germany posted an 11.1% rise. France and the UK registered more modest gains of 2.7% and 2.6%, respectively. 

Africa and Latin America also recorded growth in millionaire populations, rising 4.1% and 0.3%, respectively. Higher precious metal prices supported wealth creation in Africa, with Morocco leading regional growth at 16.8%. In Latin America, trade-related uncertainties continued to weigh on expansion, although Mexico outperformed with a 5.4% rise in HNWI wealth and a 1.8% increase in millionaire numbers. 

The Middle East was the only major region to register a decline, with its HNWI population falling 1.4% due to lower oil prices, regional conflicts and labour market pressures. 

Equity exposure increases 

The report noted that strong technology-led equity market gains significantly influenced portfolio allocations. Equities accounted for 25% of HNWI portfolios as of January 2026, up three percentage points from the previous year. Fixed-income allocations also rose by two percentage points to 20%, supported by the strongest bond market returns since 2020. 

Alternative investments declined to 12% of portfolios as public equities outperformed. However, investor interest in private markets remained strong, with 68% of HNWIs indicating plans to increase allocations to private equity. 

Wealth managers face rising competition 

Capgemini said competition for HNWI assets has intensified as wealthy clients increasingly diversify their advisory relationships. The proportion of HNWIs working with a single wealth management firm dropped to 19% in 2025 from 39% in 2019. 

Product access has emerged as a key factor behind this trend, with 88% of HNWIs saying they engage multiple firms to gain broader access to alternative investments. WealthTech firms, single-family offices, and robo-advisory platforms are steadily gaining market share from traditional wealth managers. 

The report also highlighted growing dissatisfaction with client experiences. Only 17% of HNWIs described their advisory experience as seamless and personalised, while 42% said they had to repeatedly communicate their goals and preferences to the same firm. 

According to Capgemini, wealth management firms will need to adopt AI-enabled and data-driven advisory models to meet rising client expectations. The report found that 60% of wealth management executives lack a unified view of clients while advisors spend 41% of their time on operational tasks rather than client engagement.