Global wealth expanded rapidly in 2025, while regional fragmentation and wealth inequality deepened in parallel

Overview

This report, titled Global Wealth Report 2026 and published by UBS Global Wealth Management, covers 56 key markets, which UBS estimates represent more than 92% of global wealth. The report reviews 2025 changes in global personal wealth, financial assets, non-financial wealth, household debt, millionaire counts, and wealth distribution, and emphasizes how exchange rates, market performance, demographic structure, inflation, and wealth transfers affect the measured outcomes.

Core views

The core view of the report is that global wealth grew substantially in 2025, with personal wealth up 10.8% in USD terms and both financial and non-financial wealth rebounding. However, the headline growth masks clear divergence: average wealth and median wealth tell different stories, regional performance was heavily affected by the weakening U.S. dollar, and rising wealth inequality is increasingly becoming a policy and social issue under conditions of social media visibility and fiscal stress.

Analysis framework

UBS uses 56 sample markets as a base and compares multiple indicators including total personal wealth, adult average wealth, adult median wealth, real wealth in local currency after inflation adjustment, the share of financial assets, the debt ratio, the number of millionaires, and the Gini coefficient. The report stresses that no single metric can fully capture wealth; total scale, distribution, purchasing power, and debt structure must be observed together.

Methodology notes

• Wealth measurementTotal personal wealth and adult wealth indicators

  Total wealth, adult average wealth, adult median wealth

  Total personal wealth is affected by population scale; adult average wealth can be lifted by a small number of very wealthy people; adult median wealth better reflects the middle group, but may understate changes at the top.

• Comparability adjustmentLocal currency, USD, and inflation adjustment

  Exchange rates and real wealth

  Cross-border comparisons in USD are affected by exchange-rate volatility; the 2025 weakening of the U.S. dollar made wealth in regions such as Europe appear stronger in USD terms. Viewing figures in local currency and removing inflation effects can reduce short-term distortions from exchange rates and price levels.

• Distribution analysisGini coefficient and wealth pyramid

  Wealth inequality and wealth-class migration

  The Gini coefficient measures inequality in wealth distribution; the wealth pyramid shows contraction in lower-wealth tiers and expansion in middle and high tiers, helping to identify both upward mobility in the wealth ladder and the coexistence of rising inequality.

Asset mapping & comparison

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

• global personal wealth

  research focus

  Strengths

  Third consecutive year of growth in 2025, with USD growth reaching 10.8%, and synchronized rebounds in financial and non-financial wealth.

  Weaknesses

  Averaged figures mask distribution differences, with median wealth falling in most markets.

  Comparison

  Growth in 2025 exceeded that of 2024 and 2023, and wealth growth outpaced global economic activity.

  Risks

  Exchange-rate volatility, inflation, rising debt, and inequality may weaken the quality of growth.

• financial assets

  wealth component

  Strengths

  Most markets saw strong financial-market performance, supporting total-wealth expansion.

  Weaknesses

  Markets with a high share of financial assets are more sensitive to market volatility.

  Comparison

  Markets with relatively high shares of financial assets in total wealth include Israel, Taiwan, South Africa, and the United States.

  Risks

  Market drawdowns in capital markets can quickly affect net wealth and high-net-worth portfolios.

• non-financial wealth

  wealth component

  Strengths

  Bounced back clearly in 2025 and is seen as one signal of broad improvement in living standards.

  Weaknesses

  Liquidity is generally weaker than financial assets, with valuation and realizability affected by real estate and other market conditions.

  Comparison

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

  Risks

  Property prices, interest rates, and local economic cycles may affect future performance.

• household debt

  wealth subtraction

  Strengths

  Debt normalization can reflect a recovery in credit activity.

  Weaknesses

  Household debt in 2025 resumed rising after shrinking in 2024, and its pace was the fastest since 2017.

  Comparison

  Markets with relatively high debt-to-total-wealth ratios include Brazil, Cyprus, Switzerland, the United Kingdom, Canada, and Australia.

  Risks

  Higher rates, income pressure, and falling asset prices can amplify net-wealth volatility.

• EMEA

  regional wealth performance

  Strengths

  Wealth growth in 2025 was close to 18%, with global wealth share rising from under 25% in 2024 to over 26% in 2025.

  Weaknesses

  Part of the growth came from valuation effects related to the weaker USD.

  Comparison

  Clearly outperformed APAC; Western Europe close to 17% and Eastern Europe 28%.

  Risks

  If the USD rebounds or European asset performance weakens, USD-measured wealth growth could slow.

• APAC

  regional wealth performance

  Strengths

  Still an important region for high-net-worth individuals, with long-term potential in Greater China and Southeast Asia.

  Weaknesses

  Wealth growth in 2025 was around 5.9%, with global wealth share down to 32.8%.

  Comparison

  Growth lagged EMEA and the Americas, and some markets did not benefit from the valuation effects seen in Europe.

  Risks

  Exchange rates, market dynamics, and regional growth deceleration may continue to affect relative shares.

Key data

• 2025 global personal wealth growth10.8%In USD terms, total personal wealth growth exceeded that of 2024 and 2023 by more than two times.
• Sample coverage56 markets, over 92% of global wealthGlobal wealth referenced in the report primarily refers to these 56 sample markets.
• EMEA wealth growthnearly 18%Supported by a weaker USD and regional performance, EMEA led materially in 2025.
• Western Europe wealth growthnearly 17%The euro to USD rose about 9% in 2025, amplifying USD-denominated wealth performance.
• Eastern Europe wealth growth28%One of the highest-growth areas mentioned in the report.
• APAC wealth growthabout 5.9%Slower than other regions, though the longer-term trend remains positive.
• APAC share of global wealth32.8%Fell from nearly 36% in 2024 to 32.8% in 2025.
• Americas share of global wealth40.6%The table shows the Americas as the region with the largest wealth share in the sample.
• United States share of global wealth35.7%The United States continued to expand its share of personal wealth in the sample.
• United States USD millionaires23.627 millionRanks first among disclosed markets and contributed nearly half of net new millionaires in 2025.
• Mainland China USD millionaires5.305 millionRanks second among disclosed markets.
• Share of high-wealth population1.5% of adults have more than USD 1 millionThe wealth pyramid continues to shift upward, with the share of adults below USD 10,000 declining.

Impact & implications

For investors and wealth managers, 2025 wealth expansion provides opportunities for asset allocation and high-net-worth client servicing, but the report also cautions against relying only on total growth. Exchange-rate changes can significantly distort regional rankings, rising household debt increases balance-sheet sensitivity, and rising inequality and wealth transfers may attract tax, regulatory, and social scrutiny.

Risks

• The disconnect between total-wealth growth and the wealth experience of ordinary households may intensify social and policy pressure.
• The weaker USD amplified dollar-denominated wealth growth in some regions; a later exchange-rate reversal could change comparative results.
• Household debt reaccelerated in 2025; if interest rates or income conditions deteriorate, net-wealth resilience may weaken.
• Wealth inequality is more visible in a social media environment, so public perception may worsen even if measured inequality declines.
• The Great Wealth Transfer may attract government attention, with wealth potentially being used to reduce public-debt financing costs.
• Using only average wealth, total wealth, or GDP measures could misjudge true wealth levels and purchasing power.

What to watch

• U.S. dollar movements and their impact on EMEA, APAC, and Americas wealth shares.
• Whether financial-market performance continues to support wealth in financial assets.
• Whether non-financial wealth can sustain the rebound observed in 2025.
• The pace of household-debt growth and changes in debt share of total wealth.
• Whether the combined share of the United States and Greater China in global wealth remains above half.
• Growth in the number of millionaires and the USD 5-100 million wealth tier.
• Whether the gap between median wealth and average wealth continues to widen.
• The impact of changes in the Gini coefficient and wealth-pyramid structure on policy debate.