Personal wealth around the world expanded at its most rapid pace in eight years during 2025, according to new research.
The 17th edition of the UBS Global Wealth Report reveals that global personal wealth grew 10.8% in US dollar terms last year, a sharp acceleration from the 4.6% recorded in 2024 and the 4.2% seen in 2023, marking the third straight year of gains. Average wealth per adult outpaced growth in global economic output over the period.
Europe, the Middle East and Africa led all regions with growth of 17.5%, followed by the Americas at 8.5%. Asia-Pacific recorded a 5.9% expansion, picking up pace from the prior year. Currency movements played a significant role in the figures, with the depreciation of the US dollar amplifying wealth increases in markets outside the United States.
"Global wealth is evolving at pace, with growth increasingly shaped by shifting economic conditions, technological change and new sources of opportunity across markets,” said Iqbal Khan, co-president of UBS Global Wealth Management. “For clients, these dynamics bring both complexity and choice. In this environment, having the right insights and a trusted partner is essential – helping them navigate uncertainty, seize global opportunities and make confident, long-term decisions to protect and grow their wealth."
The United States ranked second globally for average wealth per adult at $696,277, behind only Switzerland, which topped the table at $910,382. Luxembourg placed third at $654,732.
However, the US picture shifts considerably when median wealth is applied: at $68,998, the country ranked 28th, a gap that reflects the concentration of wealth at the upper end of the distribution.
Canada placed 13th for average wealth per adult at $399,886 and performed considerably better on the median measure, ranking seventh globally at $147,811. That divergence between the two countries on median versus average standings underlines how differently wealth is distributed across North American households.
North America as a region held the top spot for average wealth per adult at $660,000, with Australia and New Zealand close behind at nearly $590,000. Western Europe reached just over $330,000 on the same measure.
Longer-term trends also feature in the report. Since 2020, South Korea has posted the strongest real growth in average wealth per adult across all markets analyzed, with gains exceeding 50%. Croatia, Norway, Latvia, Taiwan, and Bulgaria each recorded increases above 25% over the same five-year window.
The global millionaire count rose by 1.5% in 2025, adding close to one million individuals, equivalent to more than 2,600 per day. The United States accounted for nearly half of all new millionaires, with more than 440,000 added during the year. Mainland China, Japan, Germany, the United Kingdom, and France each counted more than two million millionaires in total.
Robert Karofsky, co-president of UBS Global Wealth Management, added: "Global wealth rose for a third consecutive year – and at a notably stronger pace, with average individual wealth increasing at a rate far outstripping global economic growth. In this environment, disciplined stewardship matters more than ever. Clients are turning to trusted partners with global reach, local insights and integrated capabilities to help them manage, grow and preserve what matters most to them."
Together, the United States and mainland China held more than half of all personal wealth worldwide, reinforcing their continued dominance in the global picture.
Progress was also visible at the lower end of the scale. The proportion of adults holding less than $10,000 in wealth dropped from close to 75% in 2000 to just over 41% in 2025, as middle and upper wealth segments expanded.
Despite the broadly positive picture, the report points to a widening divergence since 2020 between average wealth figures and median outcomes, highlighting an uneven distribution of new wealth across households.
Growth above the $5 million threshold was particularly strong. UBS identifies this tier and above, spanning up to $100 million, as expanding rapidly in both number and total assets. Mainland China, Australia, and the United States showed the most pronounced momentum at these levels.
For many households, especially those below $5 million in assets, residential property remained the dominant holding, which can limit participation in gains driven by financial markets. UBS notes that the share of liquid, investable assets has risen over the past decade across selected high-wealth markets, suggesting a gradual shift in how wealth is structured.
Looking ahead, the report argues that future gains will increasingly depend on access to investable assets and the ability to diversify, determining how broadly the next wave of wealth creation is shared.
The Global Wealth Report covers 56 markets, estimated to represent over 92% of worldwide wealth.
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