Record millionaire surge as global wealth jumps 10.8% in 2025
Nearly one million people became dollar millionaires last year, driven by buoyant financial markets and rising property values, but inequality deepened as median wealth fell in most countries.
The UBS Global Wealth Report 2026 shows that global personal wealth rose 10.8% in 2025, the fastest pace since 2017, creating nearly one million new dollar millionaires. The total number of millionaires worldwide reached an all-time high, with the United States alone adding more than 440,000 individuals. China, Japan, Germany, Britain and France each added significant numbers, though the US accounted for almost half of the new entrants.
The surge was propelled by robust financial markets and rising non-financial assets, particularly property. Currency effects amplified gains in Europe, the Middle East and Africa, where wealth grew 17.5% in dollar terms, compared with 8.5% in the Americas and 5.9% in Asia-Pacific. Switzerland retained the highest average wealth per adult at $910,382, followed by the US ($696,277) and Luxembourg ($654,732). Israel ranked 18th with $312,100, while Spain stood at $306,000. The report, covering 56 markets that represent more than 92% of global wealth, notes that being a dollar millionaire does not imply holding a million in cash; owner-occupied housing is the single largest asset for most households up to that level.
The headline figures mask a deepening wealth divide. While average wealth climbed, median wealth declined in most surveyed countries, indicating that gains were concentrated among the already wealthy. In Spain, 1.07 million millionaires hold a third of all household wealth, while 16% of adults possess less than $10,000. The composition of wealth varies sharply: in Israel, financial assets account for 82% of wealth, with debt at 14%; in Spain, property dominates and debt is just 7.6%. Globally, 1.5% of adults are millionaires, and the billionaire count rose 13.1% to 3,302, with 15 of the 19 individuals holding assets above $100 billion based in the United States.
The UBS report, an annual benchmark, will next be updated in 2027, providing a test of whether the wealth acceleration can persist as central banks adjust monetary policy and asset prices face potential headwinds.
How the same story is told elsewhere.
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Global wealth surged at its fastest pace in years, creating a record number of new millionaires. The United States led the way, accounting for nearly half of them, driven by strong stock and housing markets. This marks a clear triumph of resilient market economies.
While global wealth reaches new peaks, the distribution remains deeply uneven. In Spain, average figures hide a reality where prosperity is concentrated in few hands, and the housing and stock market boom widens the gap. The report fuels scepticism about who really benefits from this growth.
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