In 2025, stock markets, supported by the AI-related rally, were the main driver of global wealth growth for high-net-worth individuals (HNWIs). In particular, last year the wealth of HNWIs increased by 8.7%, reaching a record level of $98.3 trillion, the largest annual increase since 2018, according to a Capgemini report. In addition to the solidity of the stock markets, the slowdown in inflation has also had an impact on the creation of new wealth, causing the global population of millionaires to grow by almost 2 million people, bringing the total to 25.3 million individuals.
Greater benefits for the ultra-rich
Across wealth groups, ultra-high-net-worth individuals (UHNWI) saw the largest share of the gains, supported by greater exposure to a broad range of listed assets and some high-performing private asset classes. In 2025, the global UHNWI population reached approximately 250,000 individuals, marking a 9.4% year-over-year increase and maintaining its position as the fastest-growing wealth segment for the second consecutive year. Global UHNWI wealth grew 9.7% year-over-year, outpacing the growth rate of the entire HNWI segment. The concentration of wealth remains high: the richest 1% of HNWIs hold 34.8% of total HNWI wealth.
The situation in North America and Europe
In North America, the HNWI population grew by 9.1%, driven by the United States, which registered 736,000 new millionaires, more than any other country in the world, bringing the HNWI population to 8.7 million (+9.2%). In Canada, the HNWI population increased by 6.7%, with 30,000 new millionaires.
In Europe, after the decline recorded in 2024, the HNWI population grew by 6.5% in 2025, benefiting from the stabilization of stock markets and the slowdown in inflation. Luxembourg stood out among the fastest growing markets, with a 13.5% increase in the HNWI population. Germany recorded growth of 11.1%, while France and the United Kingdom recorded increases of 2.7% and 2.6% respectively.
The different asset classes
As of January 2026, the share of equity investments in HNWI portfolios rose to 25%, an increase of three percentage points from the previous year. Growth was driven primarily by solid corporate results and strong gains in the technology sector. The bond component also increased, reaching 20% (+2 percentage points), thanks to the best returns in bond markets since 2020. Meanwhile, alternative investments fell to 12%, reflecting the relatively superior performance of listed equities. Despite this decline, interest in alternative assets remains high: two out of three HNWIs (68%) say they want to increase their exposure to private equity.
The effects on consultancy
With the expansion of the HNWI population, competition among wealth management operators has also increased. Exclusive relationships with a single intermediary have halved in the last six years: in 2019, 39% of HNWIs collaborated with just one company, while in 2025 the share fell to 19%. One of the main factors driving HNWIs to expand their wealth management network is access to products: 88% say they collaborate with more companies to gain better access to alternative investments. WealthTech, single-family offices and automated financial advisory platforms are increasingly gaining market share at the expense of traditional operators, attracting customers who feel dissatisfied with the product offering, the quality of the advice or both.
According to the report, only 17% of HNWIs describe their consulting experience as smooth and personalized, while 42% say they have to repeat their goals and preferences to the same company multiple times. To address these challenges, wealth management firms will need to integrate augmented intelligence, where technology enhances, rather than replaces, human advice, to bridge the growing gap between HNWIs’ expectations and what traditional operating models can deliver. The critical issues, however, go beyond technology. Nearly all companies (97%) still segment customers primarily by assets under management, missing the behavioral nuances that define how HNWIs actually interact. Again, the core issue remains the traditional operating model: More than half (60%) of wealth management executives recognize that their companies lack a unified view of the customer, leading to fragmented processes and duplication of effort.
