Global wealth rose sharply in 2025, with the number of people holding at least $1 million in investable assets climbing to 25.3 million, up nearly 8% in one year, according to Capgemini’s 30th annual World Wealth Report. Now, their combined wealth reached $98.3 trillion, while the ultra-wealthy, those with at least $30 million in assets, saw wealth rise even faster. In 2025, financial markets did much of the work to make new millionaires. Findings from the Capgemini report show that equity markets and AI-linked valuations were the main engines of wealth creation. That is why the millionaire count rose so fast in a single year.
The report links much of the gain to strong stock markets and the AI boom.
The increase was broad, but not evenly distributed. North America and Asia-Pacific led the growth, with Asia-Pacific recording the fastest wealth expansion at 10.5% and North America nearly 10%. The U.S. alone added 736,000 new millionaires in 2025, taking its total to 8.7 million.
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Global stock market performance drove HNWI wealth
The report shows a direct link between market performance and high-net-worth wealth. Capgemini’s data show that wealthy households increased their exposure to equities and bonds while cutting back on alternatives such as private equity and crypto, which underperformed.
AI-linked stocks were major contributors to the S&P 500’s 16.4% growth in 2025; this growth elevated market indexes and enhanced household balance sheets for individuals with equity exposure.
Where wealthy investors put money
Capgemini’s report indicates that wealthy investors allocated more capital to the following asset classes:
- Equities, because stock markets kept rising and AI valuations were strong.
- Bonds, as investors sought liquid yield and relative stability.
- Away from alternatives, especially private equity and crypto, which were weaker in comparison.
This allocation pattern contributed to the rapid increase in the number of millionaires in 2025. Outperformance in public markets has an immediate effect on households and institutions with significant exposure to listed assets.
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Tech-driven growth changed portfolio allocations
The AI boom pushed more wealth into technology-heavy holdings. Capgemini’s report says AI-related stock gains helped expand millionaire wealth. The rich increased allocations to equities and bonds, while reducing alternatives after weak performance in private equity and crypto.
That shift shows the current wealth boom is being built on public-market valuations rather than only private business ownership. It also means wealth managers are dealing with clients whose portfolios are more concentrated in listed markets and more sensitive to valuation swings.
What it means for wealth managers
The report also points to a change in client expectations. $1.5 trillion in new wealth is shifting toward tech-savvy and personalized advisory firms. That shows that wealthy investors now expect digital service, faster reporting, and more customized advice rather than a traditional relationship-only model.
Region-wise millionaire growth in 2025
The strongest growth came from North America and Asia-Pacific. Asia-Pacific wealth rose 10.5%, with South Korea, Taiwan, and Hong Kong leading gains. Investopedia likewise reported that Asia-Pacific saw the fastest growth because of demand for AI chips and electronics, especially in markets tied to the technology supply chain.
The United States remained the biggest single contributor in absolute terms, adding the most new millionaires in 2025. That matters because it shows two different wealth stories running in parallel: the U.S. still creates the largest number of new millionaires, while parts of Asia-Pacific are currently growing faster in percentage terms.
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Indian Stock Market Performance in 2025
India’s equity markets continued their multi‑year expansion in 2025, though their performance lagged some global peers:
- The BSE Sensex and Nifty 50 both delivered positive returns in 2025, continuing nearly a decade of gains, around 9%–10% each, despite underperforming broader Asian and emerging‑market averages that rose quite higher.
- The underperformance stemmed partly from weak corporate earnings growth, a weaker rupee, and foreign portfolio selling.
- However, forward‑looking analysts (e.g., HSBC) see scope for a rebound in 2026, supported by improving earnings, steadier valuations and renewed investor interest.
What it means
Nearly 2 million new millionaires in 2025 isn’t just a wealth story, but a market story. It shows how quickly financial assets can reprice wealth at the top when stocks rise, especially in AI-heavy markets. It also shows the other side of the cycle: the ultra-wealthy gained even faster, with wealth up 9.7% and their share of global wealthy assets around 35%, despite being only about 1% of the group.
