AI boom adds nearly 2 million millionaires worldwide in 2025: Study

Global HNWI wealth hit $98.3tn in 2025, growing 8.7% in the largest single-year gain since 2018, as per a report by Capgemini.

Robust equity markets and easing inflation powered the rise, lifting the global millionaire population by nearly 2 million to 25.3 million.

Ultra-high-net-worth individuals (UHNWI) drove much of the growth.

Their population reached 250,000, up 9.4% year-over-year, marking the fastest-growing segment for the second straight year.

UHNWI wealth expanded by 9.7%, outpacing the broader HNWI group, noted the Capgemini World Wealth Report 2026.

Wealth concentration remains high, with the top 1% of HNWIs holding 34.8% of total HNWI wealth.

Equity markets, boosted by AI rallies, fuelled wealth gains across five of six major regions.

Asia-Pacific led with 10.5% wealth growth and 9.4% population growth, propelled by semiconductor demand.

Japan added 436,000 millionaires, China 154,000, while India and Australia posted solid increases.

North America’s HNWI population grew 9.1%, with the US adding 736,000 new millionaires to reach 8.7 million.

Europe rebounded with 6.5% population growth after a 2024 decline.

Africa rose 4.1%, Latin America edged up 0.3%, but the Middle East saw a 1.4% contraction due to lower oil prices and regional tensions.

HNWI portfolios shifted toward equities, which rose to 25% as of January 2026, up three points.

Fixed income climbed to 20%, while alternatives fell to 12%. Still, 68% of HNWIs plan to increase private equity exposure.

Capgemini Financial Services Strategic Business Unit CEO and group executive board member Kartik Ramakrishnan said: “In our 30 years of tracking global wealth, 2025 represents an exceptional moment for the size of the world’s population of high-net worth individuals and the assets they control. HNWIs now have access to more asset classes across markets, along with greater options in terms of advisors and expertise. For the industry, this is a clear inflection point: between 2022 and 2025, an estimated USD 1.5 trillion in new assets flowed to competitors of traditional firms.”

Competition for HNWI business has sharpened. Exclusive single-firm relationships dropped from 39% in 2019 to 19% in 2025.

Only 17% of HNWIs rate their advisory experience as seamless and personalised. To address this, the report urges firms to incorporate augmented intelligence.