Stock market gains mint new millionaires in 2025: UBS

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.

Nearly 1 million people will become millionaires by 2025, thanks in large part to a booming stock market, according to a new report by UBS.

The Swiss bank estimates that the United States is responsible for nearly half of the newly minted millionaires, adding an average of 1,200 new millionaires each day last year, for an annual increase of about 441,000.

UBS found that stock market gains increased global personal wealth by 10.8%, the largest increase since 2017 and more than double the rates in 2024 and 2023. But this strong growth was belied by declines in average wealth in most of the 56 markets tracked by UBS, pointing to a widening wealth gap.

In the US, for example, average wealth per adult fell by about 20% from 2020 to 2025, while average wealth increased by about 10% excluding inflation over the same period, according to the bank’s data analysis.

UBS estimates that the world’s millionaire population, which the bank puts at 58 million, owns almost half of the world’s wealth, that is, approximately $250.6 trillion.

UBS economist James Mazeau told CNBC that wealthier individuals saw larger gains last year than the broader population due to their greater exposure to financial markets, noting that the U.S. stock market is up about 18% in 2025.

“The higher you go in the wealth bands, the more wealth creation will be linked to the performance of your business or your investment portfolio or both,” Mazeau said at a media conference.

These earnings are also unequal among millionaires. The bank estimates that the total assets of so-called ordinary millionaires, or individuals with wealth between $1 million and $5 million, have increased by 170% since 2000, excluding inflation. Over the same period, the collective wealth of their wealthier peers increased by 343%.

The collective net worth of the world’s billionaires rose nearly 25% in the year ending in April, according to UBS. However, the report stated that most of this increase was due to the increase in the number of billionaires, not just the enrichment of three-comma club members.

The depreciation of the US dollar last year also contributed to differences in global wealth creation as the bank tracks wealth in US dollars. America’s millionaire population, though still the world’s largest, grew by a modest 1.9% in 2025; Higher percentage increases were seen in most European and Middle Eastern markets, including Türkiye (6.4%) and the United Arab Emirates (3.5%). In terms of combined personal assets, the Americas’ growth rate was estimated at 8.5%, outpacing the Asia-Pacific region at 5.9% but less than half the 17.5% rate seen in Europe, the Middle East and Africa.

Mazeau said it’s too early to predict what impact the Iran war will have on high-net-worth individuals in the Middle East. Asset allocation and currency trends are two of many factors that will determine the outcome.

“It will depend on how much of the international assets are held by those investors. If you’re based in, say, the Middle East and most of your wealth is tied up in US stocks, and furthermore, if you have a currency pegged to the US dollar, currency movements don’t really matter at all,” he said. “Now, if you tend to allocate your assets into other investments in currencies that are appreciating against the U.S. dollar, and we measure everything in U.S. dollars, then that will give you a slightly better outlook for 2026.”

He added that investors may have changed their portfolios as a result of the conflict.

“Will they diversify their holdings? Will they make more direct investments in the United States? How will the resulting situation change the investment environment, investment philosophy and asset allocation?” he said. “I don’t know yet.”