The number of high-net-worth individuals across the world rose by almost 2 million in 2025, pushing their collective wealth to a record $98.3 trillion. The 8.7% increase marks the largest annual jump since 2018, according to Capgemini’s World Wealth report, though the benefits of this growth are not distributed evenly across the globe.
Defining the wealthy
Before analyzing the numbers, it helps to understand who counts as a high-net-worth individual. To qualify, a person must have investable assets of greater than $1 million, excluding their primary residence. There are three tiers within this classification: those with $1 to $5 million, mid-tier millionaires with $5 to $30 million, and ultra-high-net-worth individuals with less than $30 million. The ultra-rich are a small fraction of the population, making up only 1% of the total, yet they hold a massive 34.8% of the planet’s total wealth.
Regional breakdown
Europe is seeing a rebound, but the pace varies by country. Capgemini estimates there are around 6 million HNWIs in Europe, representing a 6.5% increase in 2024. By 2025, their total wealth growth accelerated from 0.7% to 8.0%. Luxembourg posted the strongest growth at 13.5%, followed closely by Germany at 11.1% and Belgium at 9%. France and the United Kingdom saw more modest gains of 2.7% and 2.6%, respectively.
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While the wealthy are getting richer, the economic mechanisms driving this trend are complex. The shift away from cash holdings toward equities and fixed income assets has increased risk appetite. This movement toward higher-yield investments often correlates with growth in specific sectors. The European Central Bank’s management of interest rates has contributed to a more stable environment, encouraging investment in areas like defence and energy.
These sectors have seen a significant boost in fortunes, bolstering stock markets. Germany’s DAX index rose nearly 22%, partly due to companies like Rheinmetall and Siemens Energy. The UK’s FTSE 100 also gained 21.5%, driven by performance in mining and defence industries. This financial activity creates a feedback loop where sector growth drives equity performance, which in turn generates new wealth for the individuals holding those assets.
As the report notes, the environment has stabilized. The European Central Bank’s actions have provided a foundation for investment. At the same time, a focus on innovation within local economies is generating equity performance. This dynamic suggests that the rise in wealth is not just a static accumulation of assets, but an active component of broader economic activity.