The consulting firm Capgemini defines high-net-worth individuals as those with more than $1 million in investable assets, excluding their main residence.
Their number rose by 7.9% to 25.3 million last year, almost two million more than had been projected for 2024, according to the firm’s World Wealth Report. Their combined wealth climbed by 8.7% to $98.3 trillion, a record high and the largest annual increase since 2018.
Capgemini said equity markets, propelled by AI-related gains, had been the main engine of wealth creation for high-net-worth individuals in five of the six major regions surveyed. The report also noted that wealth remains highly concentrated, with 1% of high-net-worth individuals holding 34.8% of the total.
Markets buoyed by AI and defence
In 2025, despite US tariffs, Wall Street indices were lifted by Federal Reserve rate cuts and the rallying enthusiasm around AI, climbing between 13 and 20%. In Europe, investors flocked to defence stocks and to the large public investment programme promised by Germany. Frankfurt gained 23.01%, Paris 10.41%, Milan 31.46%, and London 21.51%.
The fastest growth in the number of millionaires, at 9.4%, was recorded in Asia-Pacific, driven by the semiconductor sector and led by Japan and China. North America followed with a 9.1 percentage rise, thanks to the United States, which posted the largest absolute increase in new millionaires (736,000 more, or 9.2%, taking the total to 8.7 million).
Luxembourg ahead in Europe
After a dip in 2024, the number of millionaires in Europe grew by 6.5%. Luxembourg led the way with a 13.5% rise, ahead of Germany on 11.1% and well ahead of France, which managed only 2.7%.
Africa saw a 4.1% rise and Latin America a marginal 0.3%. The Middle East was the only region to slip back, with a 1.4% fall, weighed down in particular by lower oil prices.
The ultra-wealthy, defined as those with at least $30 million in assets, grew by 9.4% to roughly 250,000 people, with their combined wealth climbing 9.7%.
The study surveyed 6,510 wealthy individuals across the Americas, Europe, Asia-Pacific and the Middle East in January.
