US accounts for almost half of new millionaire growth in 2025

Personal wealth in 2025 grew at its fastest pace in years, creating ​nearly one million new US dollar ‌millionaires worldwide, Swiss bank UBS said in its annual Global Wealth Report.

Total personal wealth globally rose ​by 10.8 per cent last year, up from 4.6 per cent ⁠in 2024 and 4.2 per cent in 2023, as ​strong financial markets boosted growth, UBS found.

There ​were “more millionaires than ever, everywhere” in 2025, the bank said. The United States, where over 440,000 people ​became new US dollar millionaires, accounted for ​almost half of this growth.

Wealth in US dollar terms ‌grew ⁠disproportionately quickly in Europe, largely due to last year’s depreciation of the dollar compared to the euro, UBS found.

While average wealth ​rose, inequality ​has deepened ⁠since 2020, UBS said. Median wealth, which better reflects the middle ​of the scale, declined in most ​countries, ⁠highlighting a growing divide between the wealthiest and the broader population, the bank added.

For ⁠the ​report, UBS analysed 56 markets ​it estimates to represent over 92 per cent of the world’s ​wealth.