Global personal wealth expanded at its fastest clip in eight years during 2025, rising 10.8% in U.S. dollar terms, according to the 17th edition of the UBS Global Wealth Report. That marks a sharp acceleration from the 4.6% growth recorded in 2024 and the 4.2% increase in 2023, extending a three-year streak of gains. Average wealth per adult outpaced global economic output over the period, the report noted.
Regional performance varied widely. Europe, the Middle East and Africa led all regions with a 17.5% surge, while the Americas posted 8.5% growth. Asia-Pacific expanded 5.9%, picking up from the prior year. Currency movements played a significant role: the depreciation of the U.S. dollar amplified wealth increases in markets outside the United States, UBS said.
“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.”
Switzerland retained the top spot for average wealth per adult at $910,382, followed by the United States at $696,277 and Luxembourg at $654,732. However, the U.S. median wealth per adult stood at just $68,998, ranking 28th globally — a gap that underscores the concentration of wealth at the upper end. Canada, by contrast, ranked 13th in average wealth ($399,886) but seventh in median wealth ($147,811), reflecting a more even distribution.
North America as a region held the highest average wealth per adult at $660,000, with Australia and New Zealand close behind at nearly $590,000. Western Europe averaged just over $330,000 on the same measure. The report also highlighted longer-term trends: since 2020, South Korea posted the strongest real growth in average wealth per adult among 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 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. Together, the U.S. and mainland China held more than half of all personal wealth worldwide.
Progress was also visible at the lower end of the wealth spectrum. The proportion of adults holding less than $10,000 in wealth dropped from nearly 75% in 2000 to just over 41% in 2025, as middle and upper wealth segments expanded. Yet 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, with UBS identifying 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.
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.”
For advisors, the findings underscore the importance of helping clients navigate an environment where wealth creation is increasingly concentrated. As the AssetMark study recently highlighted, operational discipline — not just market gains — drives top advisory firm growth. Meanwhile, the Altrata forecast of a record ultra-wealthy population suggests continued demand for sophisticated wealth management services.
