The 30th edition of the Capgemini Research Institute’s World Wealth Report 2026, published this week, found an 8.7 per cent increase in global high net worth individual wealth in 2025, reaching a record $98.3 trillion — the largest single-year increase since 2018.

A robust equity market performance and easing inflation drove high net worth wealth creation in 2025, growing the global millionaire population by nearly two million to 25.3 million individuals, with wealth climbing 8.7 per cent in 2025 to a record $98.3 trillion, according to Capgemini Research Institute’s World Wealth Report 2026. The US added 736,000 new millionaires — more than any other market — to reach 8.7 million.

The Capgemini Research Institute is an in-house think tank focused on digital, innovation, and technology issues.

Across wealth bands, ultra-high net worth individuals (UHNWI) captured the largest share of the gains, buoyed by exposure to a greater range of public and select high-performing private asset classes, the report reveals. In 2025, the UHNWI global population stood at roughly 250,000 â€“ a 9.4 per cent increase year-over-year – retaining its status as the fastest-growing wealth segment for the second consecutive year. Global UHNWI wealth grew 9.7 per cent year-over-year, outpacing the broader HNWI segment. Wealth remains heavily concentrated – the top 1 per cent of HNWIs account for 34.8 per cent of HNWI wealth. Meanwhile, the global HNWI population grew 7.9 per cent in 2025 to 25.3 million individuals worldwide.

The report highlights that most HNWIs (88 per cent) work with multiple wealth management firms specifically to access better alternative investment opportunities. Three in four advisors also want AI to automate routine work so that they can spend more time on client relationships

Global stock market performance drives strong growth in HNWI wealth across six regions
Equity markets, fueled by AI-related rallies, were the primary engine of HNWI wealth growth across five of six major regions in 2025:

Asia-Pacific posted the highest regional growth in wealth of 10.5 per cent and population growth of 9.4 per cent, as semiconductor demand boosted Asian stock markets. Japan and China were among the strongest performers, adding 436,000 and 154,000 millionaires, respectively. India and Australia also saw growth, with HNWI populations increasing by 11,300 and 18,100, respectively.

North America’s HNWI population increased 9.1 per cent, led by the US, which added 736,000 new millionaires – more than any other country worldwide – as its HNWI population grew by 9.2 per cent to 8.7 million. Canada’s HNWI population recorded a jump of 6.7 per cent with 30,000 new millionaires.

Europe's HNWI population grew 6.5 per cent in 2025 after a decline in 2024, as the region benefited from stabilizing equity markets and easing inflation. Luxembourg emerged as one of the highest-growth markets with a 13.5 per cent HNWI population increase. Germany registered an 11.1 per cent growth in population, while France and the UK saw gains of 2.7 per cent and 2.6 per cent, respectively. UK HNWI wealth also grew 4.1 per cent year-over-year to more than $2.4 trillion; The strongest gains in the UK came from ultra-high net worth individuals with wealth of over $30 million; their wealth grew by 6.7 per cent in 2025. UK HNWIs also increased allocations to real estate, in particular, while global peers reduced exposure.

Africa and Latin America both experienced HNWI population growth, at 4.1 per cent and 0.3 per cent respectively. In Africa, momentum was driven by higher precious metal prices, with Morocco registering the fastest growth at 16.8 per cent. In Latin America, trade uncertainty continued to constrain expansion despite a modest investment recovery. Mexico outperformed, with HNWI wealth rising 5.4 per cent, and HNWI population rising 1.8 per cent.

The Middle East’s HNWI population contracted 1.4 per cent, as lower oil prices and regional conflict, alongside labor market strain, weakened activity across several Gulf state economies.

Equity exposure expands amid strong tech sector
Equity allocations increased to 25 per cent of HNWI portfolios as of January 2026, marking a 3 per cent increase from last year. The growth was primarily fueled by strong corporate earnings and significant gains in the technology sector. Fixed income holdings also expanded to 20 per cent, up 2 per cent, as bond markets delivered their strongest returns since 2020. Meanwhile, alternative investments declined to 12 per cent reflecting the relative outperformance of public equities. Despite this shift, investor appetite for alternatives remains strong, with two in three HNWIs (68 per cent) indicating an intention to increase their exposure to private equity.

"In our 30 years of tracking global wealth, 2025 represents an exceptional moment for the size of the world’s population of high net worth individuals and the assets they control. HNWIs now have access to more asset classes across markets, along with greater options in terms of advisors and expertise,” said Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit and group executive board member. “For the industry, this is a clear inflection point: between 2022 and 2025, an estimated $1.5 trillion in new assets flowed to competitors of traditional firms. Clients, including younger HNWIs benefiting from wealth transfers, are seeking more: greater product access, deeper personalization, and advice that truly reflects their lifestyle. Firms that can deliver this at scale, powered by AI-enabled insights and capabilities, will define the next era of wealth management."

The Capgemini World Wealth Report 2026 draws data from three primary sources: the 2026 Global HNWI Survey, the 2026 Global Wealth Management Executive Survey, and the 2026 Global Relationship Manager Survey. These research sources polled 6,510 high net worth individuals across 27 markets, 144 senior wealth management executives across 24 markets, and 1,317 relationship managers across 24 markets. Respondents were asked about investment preferences and priorities, client experience expectations, advisory relationships, and the adoption of AI and digital tools in wealth management. Participants represent markets across North America, Europe, the UK, Asia-Pacific, Latin America, the Middle East, and Africa.

High net worth individuals are those with investible assets of $1 million or more, excluding their primary residence, collectibles, consumables, and consumer durables. HNWIs are segmented into three categories based on wealth bands: ultra-HNWIs ($30 million or more), mid-tier millionaires ($5 to $30 million) and millionaires next door ($1 to $5 million).