Global personal wealth expanded quickly in 2025, but the increase was concentrated in high-net-worth households and certain regions

Overview

The Global Wealth Report 2026 is UBS’s annual global wealth report, based on model estimates for 56 key markets covering more than 92% of global wealth. The report argues that in 2025 global personal wealth continued to expand, growing 10.8% in USD terms, with average personal wealth increasing faster than global economic activity and gains in both financial and non-financial assets. However, this growth is not evenly distributed: regionally, EMEA outperformed APAC, and on distribution, high-net-worth and ultra-high-net-worth segments expanded faster than other groups, while in most markets median wealth growth lagged behind average wealth.

Core views

The core argument is that total global wealth is in a fast-growth phase, but wealth creation and wealth distribution are becoming more strongly structurally polarized. A weaker USD amplified wealth growth in non-USD regions when measured in USD terms; the United States and Greater China together still hold more than half of personal wealth in the report sample; emerging markets reached their peak share in 2022 and then declined to slightly above 26% in 2025. Millionaires and households in the USD 500,000 to USD 10 million wealth band continued to expand, with especially strong growth in markets such as the United States, Mainland China and Australia.

Analysis framework

The report uses a multi-indicator framework to analyze wealth changes, including total personal wealth, adult average wealth, adult median wealth, real wealth in local currency adjusted for inflation, the composition of financial and non-financial assets, debt share, millionaires, the wealth pyramid, wealth density, and the Gini coefficient. It explicitly notes that looking at totals or averages alone can mask differences in population size, exchange rates, inflation, wealth distribution, and purchasing power.

Methodology notes

• sample coverage56-market global wealth sample

  global wealth sample coverage

  The report focuses on 56 markets, which are estimated to represent more than 92% of global wealth; the term global wealth in the report generally refers to global wealth within this sample.

• measurement basisregional growth weighted by population size

  weighted average

  Regional wealth growth is calculated as a weighted average adjusted by market population size to reduce undue influence from any single small market.

• wealth indicatorsuse of average and median wealth together

  mean and median divergence

  Average wealth can be pushed up by a small group of very wealthy households, while median wealth better reflects the middle of the distribution; both should be interpreted jointly.

• inequality measurementGini coefficient

  wealth Gini coefficient

  The Gini coefficient measures inequality in wealth distribution and is used as a key complementary indicator for interpreting the distribution pattern.

• exchange-rate and inflation treatmentUSD basis, local-currency basis and real-wealth comparison

  exchange-rate and inflation adjustment

  USD-denominated wealth is affected by FX swings, while real wealth in local currency can partly remove exchange-rate and inflation noise, but it still does not on its own fully reflect purchasing power.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• global financial assets

  strong equity and credit markets supported personal wealth growth in 2025

  Strengths

  Relatively liquid, clearly responsive to capital-market gains, and in markets such as the US, Israel, Taiwan, and South Africa they represent a larger share of total wealth.

  Weaknesses

  Sensitive to market volatility and valuation cycles, with wealth gains potentially concentrated among asset owners.

  Comparison

  The report shows financial assets account for 78.9% of total wealth in the US and 51.9% in Mainland China, versus 25.8% in India.

  Risks

  Market drawdowns, rate changes and valuation compression can affect wealth levels.

• non-financial assets

  non-financial wealth rebounded significantly in 2025 and was a major contributor to global wealth growth

  Strengths

  Reflects housing, real assets and improved living standards, supporting wealth stability.

  Weaknesses

  Lower liquidity, with regional price differences and valuation methods affecting comparability.

  Comparison

  The report states that non-financial wealth grew for the first time since 2023.

  Risks

  Real-estate cycles, financing costs and local economic slowdowns could weaken non-financial asset values.

• household debt

  debt is a key subtractive factor for net wealth and resilience

  Strengths

  Moderate debt can support housing and investment demand.

  Weaknesses

  In 2025, household debt rose again after a short decline in 2024, with the fastest growth rate since 2017.

  Comparison

  Brazil, Cyprus, Switzerland, the UK, Canada and Australia have relatively high debt-to-total-wealth ratios.

  Risks

  Higher rates, income pressure and falling asset prices can amplify debt burdens.

• wealth management services

  the expansion of high-net-worth households is lifting global demand for wealth management

  Strengths

  Growth in millionaires and households in the USD 5 million to 100 million bracket supports demand for investment advisory, succession, tax, and global allocation services.

  Weaknesses

  Client needs are becoming more complex, with greater policy and cross-border regulatory uncertainty.

  Comparison

  US additions of millionaires contributed close to half of global new millionaires, while Mainland China, Australia and the US showed stronger growth in higher-wealth bands.

  Risks

  Wealth taxes, regulatory changes, and rising social attention to inequality may affect demand and product design.

Key data

• 2025 global personal wealth growth10.8%In USD terms, marking the third consecutive year of growth and above the growth rates of 2024 and 2023.
• 2024 global personal wealth growth4.6%Serves as the comparison baseline for 2025’s 10.8% growth.
• EMEA wealth growthabout 18%Increased partly due to strong performance in Europe and the Middle East and a weaker USD, raising regional wealth share.
• Eastern Europe wealth growth28%One of the high-growth sub-regions cited in the report.
• APAC wealth growthabout 5.9%Slower than other major regions, but the high-net-worth base remains important.
• United States share of global wealth35.7%The US share of personal wealth in the sample rose further versus 2024.
• Greater China share of global wealth18.5%Together with the United States, it still holds more than half of the global personal wealth tracked in the report.
• EMEA share of global wealth26.6%Rises from below 25% in 2024 to above 26% in 2025.
• APAC share of global wealth32.8%Declines from close to 36% in 2024.
• Americas share of global wealth40.6%Overall remains around the 40% area.
• USD millionaires: United States23,627 thousand peopleTop in the markets listed in the report tables.
• USD millionaires: Mainland China5,305 thousand peopleSecond in the markets listed in the report tables.

Impact & implications

For investment and wealth management, the implication is that a total-wealth narrative is insufficient for decision making. Investors and wealth management institutions need to monitor exchange rates, regional structure, asset composition, debt, wealth distribution and policy risk at the same time. Expansion of the high-net-worth segment raises demand for wealth management, tax planning, intergenerational transfer, and global asset allocation; however, rising visibility of inequality, sovereign debt pressure, and rebounding household debt could also lead to longer-term implications for taxation, regulation, and social stability.

Risks

• USD exchange-rate moves can distort regional wealth comparisons in USD terms.
• Growth in average wealth can mask declines in median wealth and worsening wealth distribution.
• The re-acceleration of household debt may weaken wealth resilience.
• Sovereign debt pressure could prompt policymakers to tap private wealth more aggressively, increasing tax and regulatory uncertainty.
• Wealth inequality is more visible in the social media era, potentially creating social and political pressure.
• The decline in emerging-market wealth share since its 2022 peak suggests slowing acceleration during maturation.

What to watch

• The path of the USD in 2026 and the repricing impact on European, APAC and emerging-market wealth data.
• Whether concentration of global wealth share in the US and Greater China persists.
• Whether the growth in millionaires and the USD 5 million to 100 million wealth band continues.
• Whether the share of household debt to total wealth keeps rising.
• Whether the gap between average wealth and median wealth continues to widen.
• Policy changes around wealth transfers, wealth taxes, and high-net-worth regulation in major economies.
• How the composition of financial versus non-financial assets changes across markets.