Global Wealth Boom
Global Wealth Surges, Creating One Million New Millionaires Annually Amid AI Market Gains
Key Points
Asia's emerging markets, led by China and India, drove the majority of new US-dollar millionaires in 2025, while Germany alone is home to about 2.6 million millionaires.
Europe, the Middle East and Africa posted 17.5% wealth growth in 2025, aided by currency movements (the dollar's depreciation boosting non-dollar asset values); Switzerland remained the leader for average wealth per adult at about $910,382.
Since 2020, South Korea has led real growth in average wealth per adult among UBS's 56 markets, with gains above 50%, with other countries such as Croatia, Norway, Latvia, Taiwan and Bulgaria also posting double-digit increases.
UBS notes a 'wealth effect' where households drew down savings built up in the years prior after oil-price spikes but continued to benefit from robust balance sheets; AI-driven market gains are a major engine of wealth creation, with higher gains concentrated among wealthier households due to greater equity exposure.
The world minted nearly one million new millionaires in 2025 — about 2,680 every single day, according to UBS. The Swiss bank's annual Global Wealth Report found total personal wealth grew 10.8%, the fastest rate in at least three years, pushing the global millionaire count to 57.5 million people.
The United States drove almost half of that growth, adding 440,000 new dollar millionaires on its own. But not everyone shared in the boom. Median wealth — what the typical household actually holds — fell in most countries, showing that the biggest gains went to those already near the top.
AI Boom and Equity Markets Fueled the Surge
The single biggest engine of new wealth was the AI-driven stock market rally, according to UBS. Countries where households hold large amounts of stocks — like the U.S. — benefited most. Economist James Mazeau put it plainly: "The AI boom story is fueling equity markets... leading to an increase in wealth" in countries with high market participation.
A weaker U.S. dollar also played a big role. When the dollar falls, assets held in euros, yen, or other currencies look larger when converted back to dollars. That gave a significant boost to wealth figures across Europe, the Middle East, and Africa, which saw the fastest regional growth at 17.5%.
Europe and Switzerland Lead, While South Korea Shines Long-Term
Switzerland remained the richest country by average wealth, at $910,382 per adult, according to UBS. Luxembourg topped the median wealth rankings at $394,005 per adult — meaning the typical Luxembourger holds more than anywhere else. Germany alone is home to about 2.6 million millionaires, making it one of Europe's biggest wealth hubs.
Looking back further, South Korea stands out. Since 2020, it led all 56 markets UBS tracked with real wealth gains of more than 50%. Croatia, Norway, Latvia, Taiwan, and Bulgaria also posted strong double-digit increases over the same period — a sign that wealth growth has not been limited to the world's biggest economies.
Gains Concentrated at the Top, Leaving Typical Households Behind
Despite the headline numbers, UBS data shows a stark divide. The proportion of adults with less than $10,000 in wealth dropped from 75% in 2000 to 41% in 2025 — real progress. But median wealth still fell in most tracked markets in 2025, meaning the typical person did not feel the boom the way a stock investor did.
Oxfam offered a sharper critique. The advocacy group reported that global billionaire wealth hit a record $18.3 trillion in 2025 — a 13% jump that brought the total billionaire count to 3,302. Co-author Max Lawson accused governments of "choosing the rule of the rich" rather than sharing gains more broadly. UBS executives framed it differently, with Co-President Robert Karofsky noting that individual wealth growth is "far outstripping global economic growth," making "disciplined stewardship" essential.
An $83 Trillion Wealth Transfer Is Already Underway
The wealth boom is not just about what people own today. UBS projects that roughly $83 trillion will change hands over the next 20 to 25 years as older generations pass assets to spouses and children. Women are expected to control a record share of those assets, reshaping who holds financial power in the decades ahead.
The U.K. stands as a cautionary note. Personal wealth there has dropped 23% since 2020, falling behind peers like France and the Netherlands. UBS Chief Economist Paul Donovan attributed the decline to a "brief period of higher inflation" that hit harder than in neighboring European countries — a reminder that even in a record year for global wealth, not every country came out ahead.
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