Even in 2025, private wealth grew globally, but at very different rates between the various areas of the world. Europe is seeing an increase in millionaires, although it is lagging behind the United States and Asia. Within the continent, however, increasingly clear differences emerge. If some countries accelerate the creation of new fortunes, others, like Italy, show slower and less dynamic growth.
According to the analyses World Wealth Report by Capgemini, the number of individuals with investable assets exceeding $1 million grew in 2025, driven by the recovery of financial markets and the stabilization of inflation. In Europe, the average increase is around 6.5%.
The Europe of millionaires is growing, but at different speeds
The European picture shows an uneven growth in wealth. Leading the ranking are Luxembourg and Germany, which record, compared to 2024, significant increases of 13.5% and 11.1% respectively in the number of individual net assets, i.e. people with over one million investable dollars.
Luxembourg confirms itself as one of the main financial hubs. Germany, however, maintains industrial leadership on the continent, with assets linked to large family groups active in the automotive, logistics and manufacturing sectors.
Italy: weak growth and structural gap
Italy fits into this scenario with a less dynamic trend than the European average. The overall number of millionaires remains high, but wealth growth is stagnant even at the top.
An important element to note concerns the mobility of wealth. In 2025, approximately 3,600 millionaires transferred their tax residence to Italy, attracted by favorable tax regimes and quality of life, positioning the country among the main European destinations for the so-called wealth migration. However, this inflow is not sufficient to compensate for the delay in the internal creation of new wealth.
Who are the new European billionaires according to Forbes 2025
The Forbes 2025 ranking confirms the strong concentration of wealth in Europe, with Germany, France, the United Kingdom and Italy as the main hubs of billionaires.
In Germany, large industrial and retail assets dominate, such as those linked to Lidl, Aldi and large logistics chains. In France, wealth is driven by the luxury sector, with groups such as LVMH, L’Oréal and Kering. In the United Kingdom, finance and investments prevail, while in Italy the panorama remains dominated by family businesses and large industrial groups.
Among the main Italian billionaires are Giovanni Ferrero, Andrea Pignataro and Giancarlo Devasini. Overall, there are between 74 and 79 billionaires depending on the surveys, with an aggregate wealth that is growing but still distant from the main European competitors.
Europe’s youngest billionaires in 2025
A generation of European billionaires linked to high-growth sectors is emerging.
Among the most well-known names are Katharina and Alexandra Andresen, among the youngest billionaires in the world, heirs of Ferd, with an estimated wealth of around 1.7 billion dollars each. Also in Norway, Gustav Magnar Witzøe stands out, active in the fishing sector (SalMar), with assets estimated at between 3 and 4 billion dollars.
In the technological and entrepreneurial fields, Ben Francis, founder of Gymshark, stands out with an estimated wealth of between 1.2 and 1.5 billion dollars, driven by the global growth of the sports brand.
A growing role is also played by modernized industrial legacies, as in the case of Mark Mateschitz, heir to the Red Bull empire, with assets exceeding 30 billion dollars, deriving from his participation in the Austrian group.
The common trait is the strong exposure to sectors such as technology, digital, energy and scalable platforms, which allow much faster accumulations of wealth compared to traditional industrial models.
A new geography of wealth in Europe
The most significant data for 2025 does not only concern the growth of millionaires but their distribution. European wealth tends to be polarized in a few hubs: financial centers like Luxembourg, industrial hubs like Germany and capitals like Paris and London.
Italy, while maintaining an important capital base and a historic role in European entrepreneurship, remains behind in its ability to generate new wealth on a large scale.
