About one million people worldwide joined the ranks of millionaires in 2025, bringing the total number of millionaires to a record high, according to a new report from Swiss bank UBS. However, the report also highlighted that wealth inequality has risen, with the rich getting richer faster than the rest.
Record Number of Millionaires
UBS's annual Global Wealth Report, released on Tuesday, estimated that there are now 59.4 million millionaires globally, up from 58.4 million in 2024. The increase of roughly one million represents the largest single-year jump in history. The United States, China, and Western Europe accounted for the majority of new millionaires, driven by strong stock market gains and rising property values.
“The number of millionaires has never been higher, and their wealth has never been greater,” said Paul Donovan, chief economist at UBS Global Wealth Management. “But the data also shows that the bottom half of the population has seen only modest gains.”
Wealth Inequality Widens
The report found that the top 1% of adults now own 47.5% of global wealth, up from 46.8% in 2024. The bottom 50% collectively own just 1.3% of total wealth, a slight decline from the previous year. UBS noted that the COVID-19 pandemic and subsequent monetary policies have disproportionately benefited asset owners, exacerbating inequality.
“While the total wealth of the world increased by 4.2% in 2025, the gains were heavily skewed toward those already wealthy,” the report stated. “The median wealth per adult grew by only 1.8%.”
Regional Disparities
Regionally, North America added 500,000 new millionaires, followed by Asia-Pacific with 300,000 and Europe with 200,000. Africa and Latin America saw smaller increases, partly due to currency depreciation and slower economic growth. UBS warned that inflation and rising interest rates could slow wealth creation in 2026, particularly for middle-income households.
“The gap between the wealthy and the rest is not just a moral issue but an economic one,” Donovan added. “Sustained growth requires broader participation in wealth generation.”
