Nearly a million new millionaires: where wealth is growing fastest

In 2025, the global wealth landscape experienced a significant transformation as nearly one million new dollar-millionaires emerged worldwide. This figure translates to approximately 2,680 new millionaires each day, according to the UBS Global Wealth Report 2026. The total personal wealth globally increased by 10.8%, which is more than double the growth rate observed in 2024 (4.6%) and 2023 (4.2%). This surge was driven by both financial market performance and the rise in non-financial assets.

The United States led the charge in creating new millionaires, adding over 441,000 individuals to its ranks—nearly half of the global increase. Other countries followed suit, with the United Kingdom, France, Spain, Japan, India, and Italy contributing additional numbers. However, when considering percentage growth, smaller nations such as Lithuania, Turkey, Latvia, Hungary, and Ireland saw higher increases compared to larger economies like China, Germany, Switzerland, and the United States. Italy, for instance, added 28,596 new millionaires, representing a 2.4% increase.

The distribution of wealth among these new millionaires varied significantly. In Italy alone, there were now 1.235 million dollar-millionaires, accounting for about 2.5% of the adult population. These individuals hold almost 30% of the country’s total personal wealth. Meanwhile, slightly less than half of Italian adults have a net worth between $100,000 and $1 million, while 95,000 people possess a net worth ranging from $5 million to $100 million. Since 2000, this group has grown by nearly 4%.

When examining average wealth per adult, Italy ranked 23rd globally with $279,439, but climbed to 11th place in terms of median wealth, standing at $131,001. This indicates a relatively less concentrated wealth distribution compared to other major advanced economies. Measured in local currency and adjusted for inflation, the average wealth of Italians has remained largely unchanged since the start of the decade, whereas the median wealth has only increased by 3.3%.

The UBS report also highlighted the growing number of ultra-high-net-worth individuals, defined as those with a net worth between $5 million and $100 million. Globally, there are around seven million such individuals, with over four million residing in the United States, more than half a million in China, and significant numbers in Germany, France, the United Kingdom, and Spain. The wealth of these individuals has grown much faster than that of regular millionaires over the past 25 years.

The expansion of wealth has been most pronounced in Europe, the Middle East, and Africa, where the dollar value of wealth grew by 17.5%. This growth was partly attributed to the weakening of the US dollar against the euro. In contrast, the Americas saw a 8.5% increase, while the Asia-Pacific region recorded a 5.9% rise. Despite this overall growth, the report noted a concerning trend of increasing wealth inequality. While average wealth continues to rise, the median wealth—a better indicator of the typical citizen's financial position—has declined in many countries, highlighting a widening gap between the wealthy elite and the rest of the population.

Switzerland remains the wealthiest nation on average, with an adult population having a net worth of around $910,000. The United States follows closely behind with nearly $700,000 per adult, alongside Luxembourg, Hong Kong, and Australia. South Korea has seen the fastest growth in real average wealth per adult since 2020, with an increase exceeding 50%. Countries such as Croatia, Norway, Latvia, Taiwan, and Bulgaria have also witnessed notable growth rates above 25%.

According to UBS data, 42% of the world's population has less than $10,000 in net wealth, while an additional 41% fall within the range of $10,000 to $100,000. Approximately 15.3% of people have a net worth between $100,000 and $1 million, and just 1.5% of the global population holds more than $1 million. It is important to note that the status of being a millionaire does not necessarily equate to having a million dollars in a bank account. For most individuals, their largest asset is often their home, meaning that rising property values have played a crucial role in increasing the number of dollar-millionaires.

Despite the impressive figures, the UBS report underscores a troubling aspect of this wealth growth—the deepening divide between the rich and the poor. Although global wealth has expanded at its fastest pace in recent years, the disparity in wealth distribution has worsened since 2020. As the average wealth increases, the median wealth, which reflects the situation of the average citizen, has decreased in many regions, indicating a growing chasm between the affluent and the general populace.