Nearly one million people became dollar millionaires worldwide last year, a record pace of roughly 2,600 new millionaires a day, according to the UBS Global Wealth Report.
The United States accounted for almost half of the new millionaires added in 2025, with more than 440,000 individuals crossing the threshold. China, Japan, Germany, Britain, and France followed, each now home to more than two million millionaires.
According to the report published by UBS, global personal wealth rose by 10.8 percent in dollar terms in 2025, far outpacing growth of 4.6 percent in 2024 and 4.2 percent in 2023.
UBS, the largest bank in Switzerland and one of the biggest wealth managers in the world, measures wealth by combining all financial and non-financial assets, mainly property, after subtracting debts, with values converted into dollars.
The report described the increase as part of a long-running trend of wealth expansion rather than a one-off spike, noting that more people are continuing to move up the wealth ladder each year.
Wealth growth was strongest in Europe, the Middle East, and Africa at 17.5 percent, aided by a weaker dollar, followed by the Americas at 8.5 percent. Asia-Pacific recorded growth of 5.9 percent.
The United States and mainland China together hold more than half of global personal wealth.
Since 2020, South Korea has recorded the largest rise in real average wealth per adult among the 56 markets tracked by UBS, with gains exceeding 50 percent. Croatia, Norway, Latvia, Taiwan, and Bulgaria each posted increases above 25 percent over the same period.
Switzerland has the highest real average wealth per adult at $910,382, followed by the United States at $696,277, Luxembourg at $654,732, Hong Kong at $648,267, and Australia at $616,306.
Globally, 42 percent of adults hold assets worth less than $10,000, while 41 percent hold assets between $10,000 and $100,000, the report found. Another 15.3 percent have net assets between $100,000 and $1 million, and 1.5 percent have more than $1 million.
UBS noted that most people who qualify as millionaires do not hold $1 million in cash. Owner-occupied property remains the largest single asset for most individuals up to millionaire level, meaning rising property values have driven much of the increase in millionaire numbers.
The number of billionaires across the 47 markets covered by UBS reached 3,302 in April, an increase of 383, or 13.1 percent, from the previous report. More than 1,000 billionaires live in the United States, followed by 562 in China and 211 in India.
UBS said it counted 18 individuals with wealth between $50 billion and $100 billion, and a further 19 with assets exceeding $100 billion, of whom 15 are based in the United States.
