Capgemini said nearly 2 million people joined the high-net-worth ranks in 2025, lifting the global total 7.9% to 25.3 million and their combined wealth 8.7% to a record $98.3 trillion.
Equities and fixed income drove much of that gain as wealthy investors cut cash holdings, chasing higher returns amid stronger stock markets and more stable rate conditions.
Europe shared in the rebound: HNWI wealth growth accelerated to 8.0% in 2025 from 0.7% in 2024, while the region’s HNWI population rose about 6.5% to roughly 6 million.
Luxembourg led major European gains with 13.5% HNWI population growth, followed by Germany at 11.1% and Belgium at 9%, while France and the UK posted smaller increases of 2.7% and 2.6%.
Ultra-high-net-worth individuals still made up just 1% of HNWIs but controlled 34.8% of total wealth, underscoring how concentrated the global wealth boom remains.