Soaring stocks created 2 million new millionaires last year

A version of this article originally appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to high-net-worth investors and consumers. become a member to receive future editions straight to your inbox.

Rising stock markets created nearly 2 million new millionaires worldwide last year, according to a new study; The ultra-rich saw the strongest growth.

According to the Capgemini World Wealth Report, the population of global millionaires increased by 7.9 percent to 25.3 million in 2025. Their total wealth increased by 8.7 percent to $98.3 trillion, marking the fastest growth in the last five years.

At the same time, the wealth gap between millionaires and the ultra-rich continues to widen. The growing wealth of millionaires, defined by Capgemini as those with $1 million or more in investable assets excluding primary homes, collectibles and consumer goods, has been outpaced by the growth of so-called “ultra-high net worth individuals (UHNWI),” or those with $30 million or more. According to the report, the population of UHNWIs increased by 9.4% to 250,000 in 2025, and their wealth increased by 9.7%.

UHNWIs currently represent 1 percent of the total millionaire population, but they hold 35 percent of all millionaire wealth, according to the research. Gareth Wilson, Capgemini’s global banking industry leader, said one of the reasons the ultra-rich are outpacing millionaires is because they have access to higher-yielding private investments.

“Whether it’s pre-IPO investments or private markets, they have access to investments and opportunities that even the millionaires next door don’t have,” Wilson said. “When you look at individuals who have investable assets of this scale, they probably have more clout in terms of access to some hedge funds, access to private markets, and they probably have access to other types of pre-IPO investments that us mere mortals probably don’t know about.”

Geographically, the United States continues to power the bulk of global millionaire growth. According to the report, the US will add 730,000 new millionaires in 2025, bringing the total US millionaire population to 8.73 million. Their wealth increased by approximately $3 trillion to $31.3 trillion.

Asia also saw strong growth, with millionaire wealth increasing by 10.5% and millionaire population increasing by 9.4%.

Although China has been the main growth engine of Asian wealth for years, Korea and Taiwan are now leading Asia’s wealth creation, with the Korean stock market surging 76% last year and semiconductor stocks pushing Taiwanese markets higher. According to the report, Asia’s total millionaire population will reach 8.3 million in 2025.

While Europe’s millionaire population increased by 6.5 percent, Latin America’s population decreased by 0.3 percent and the Middle East’s by 1.4 percent.

When it comes to investments, millionaires around the world are increasing their stock holdings. On average, 25% of their portfolio was held in stocks in 2025, compared to 22% in 2024; most likely due to rising stock prices. The share of alternatives fell from 15% to 12%, and cash holdings fell from 26% to 24%. Fixed income assets increased from 18% to 20% and real estate investments remained stable at 19%.

Rising stocks and cash declines point to a continuing “risk-on” attitude among millionaire investors. While markets have posted double-digit gains for three years, investors are more afraid of missing out on a bull run than they are of losses.

“Stock performance encourages movement from low-risk investments to high-risk investments,” Wilson said. “I would say we’ve probably seen an increase in risk appetite, and we’ve also seen high net worth individuals following the money in terms of equity performance.”

While the increase in wealth creates more opportunities for wealth managers, it also creates new challenges. Rather than relying on one or two trusted firms, today’s wealthy increasingly divide their wealth among multiple advisors based on their expertise. According to Capgemini, a quarter of millionaires now use four to six advisors; This figure is twice the figure in 2019. The number of millionaires using only an advisor has fallen by more than half, to 19%.

At the same time, wealthy investors are also turning to non-traditional firms for advice. For those at the lower end of the asset spectrum, those between $1 million and $5 million, investors are using more robo advisors or automated platforms. In the middle segment, say $5 million to $100 million, more customers are turning to RIAs over traditional wire transfers and banks. And many at the top are creating their own family offices.

Capgemini said that in order to better serve customers in the new competitive environment, companies should understand all the needs of their customers rather than focusing only on investment guidelines. Companies that offer products and services personalized to customers’ lives and needs will gain more wealth.

Wilson also said advisors should spend more time building trusting relationships with clients.

“We found that the relationship manager was able to build trust, create a highly personalized connection, and also tailor all of the products and services for the customer in a specific way,” Wilson said. “Not only do they maintain that relationship, but customers also recommend them. You want high-net-worth people to recommend you to their friends at the country club, country club or boat club.”