Swiss asset management giant UBS has recorded a record number of new millionaires globally in 2025, according to its annual Global Wealth Report published on Tuesday. Nearly one million people worldwide saw the combined value of their financial assets and real estate cross the one-million-dollar mark over the course of the year.
US leads, followed by China and Europe
Almost half of all new millionaires were based in the United States, with more than 440,000 additional individuals reaching the threshold. The US was followed by mainland China, Japan, Germany, the United Kingdom, and France.
What 'millionaire' means in this context
The UBS report covers all financial and non-financial assets, primarily real estate, minus debts, with values converted into US dollars to allow cross-country comparisons. The report, based on a sample of 56 countries, notes that being a dollar millionaire does not necessarily mean holding one million in a bank account or investment portfolio, as a primary residence represents the largest asset for most households.
Overall wealth up 10.8%
Individual wealth across all asset levels rose by 10.8% in 2025, the fastest rate of growth since 2017, driven by the strength of financial markets and an increase in non-financial assets. However, UBS cautioned that gains were uneven across regions and wealth segments, with growth particularly strong among those holding assets exceeding five million dollars.
Switzerland tops the global rankings
Switzerland leads the global wealth ranking with a mean net worth per adult of $910,382, followed by the United States at $696,277 and Luxembourg at $654,732. France ranks 15th at $341,359, behind Germany ($346,613) but ahead of Taiwan ($332,533).
