Number of UK millionaires rises as average adult’s wealth falls

The number of US dollar millionaires in the UK increased by 43,139 (1.8 per cent) to 2.43 million in 2025, according to a report from UBS, although average wealth per adult fell to under $300,000.

UBS’s Global Wealth Report 2026 revealed that the UK’s millionaire growth rate outpaced France, Germany, Switzerland, and Hong Kong, but lagged behind Ireland, the UAE, Italy, and Singapore, among others.

While the US saw greater growth in the number of millionaires than the UK, it was only by 0.1 percentage points.

Despite the increase in the UK’s millionaire population, the average wealth per adult fell from £339,700 at the end of 2024 to £292,808 at the end of 2025, according to the report.

Furthermore, the average median wealth per adult in the UK decreased from £176,370 to £125,335 over the same period.

In 2025, global wealth increased at its fastest pace since 2017 and was the third consecutive year of growth.

Global wealth increased by 10.8 per cent in USD terms last year, outpacing 2024 (4.6 per cent) and 2023 (4.2 per cent).

Europe, the Middle East, and Africa (EMEA) saw the strongest wealth growth (17.5 per cent), followed by the Americas (8.5 per cent), and Asia-Pacific (5.9 per cent).

UBS said that these regional differences were partly driven by currency movements, especially the depreciation of the US dollar.

Switzerland continued to top the average wealth per adult rankings with $910,382, followed by the US ($696,277) and Luxembourg ($654,732).

Meanwhile, the US had by far the most millionaires with 23.6 million, while Mainland China (5.3 million) and Japan (2.9 million) were in second and third, respectively, and the UK was fifth after Germany.

“Global wealth is evolving at pace, with growth increasingly shaped by shifting economic conditions, technological change and new sources of opportunity across markets,” commented UBS Global Wealth Management co-president, Iqbal Khan.

“For clients, these dynamics bring both complexity and choice. In this environment, having the right insights and a trusted partner is essential – helping them navigate uncertainty, seize global opportunities and make confident, long-term decisions to protect and grow their wealth.”

UBS Global Wealth Management co-president, Robert Karofsky, added: “Global wealth rose for a third consecutive year – and at a notably stronger pace, with average individual wealth increasing at a rate far outstripping global economic growth.

“In this environment, disciplined stewardship matters more than ever. Clients are turning to trusted partners with global reach, local insights and integrated capabilities to help them manage, grow and preserve what matters most to them.”

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