The number of people with between $1m and $5m of investable assets has more than quadrupled since the year 2000 to around 52 million globally, a report from UBS has revealed.

Its Global Wealth Report 2025 showed that these ‘everyday millionaires’ now account for approximately $107trn in total wealth, closing in on the $119trn held by individuals with more than $5m in investable assets.

UBS stated that the growth of this segment was largely driven by rising real estate prices and exchange rate effects.

In 2024, global wealth increased by 4.6 per cent after a 4.2 per cent rise in 2023, the report noted, largely tilted towards North America.

Europe, the Middle East and Africa (EMEA) were found to be ‘lagging behind’, with a growth rate of less than 0.5 per cent last year.

Overall, the number of USD millionaires increased by 1.2 per cent in 2024, an increase of more than 684,000 people compared to the previous year.

The US accounted for 23.8 million USD millionaires, followed by China with 6.3 million, while the UK had the sixth most USD millionaires at 2.6 million.

In the UK, USD millionaires made up 4.9 per cent of the adult population.

Commenting on the findings, UBS Global Wealth Management co-president, Robert Karofsky, said: “With global wealth expected to continue to grow, the ability to manage that wealth in a dynamic and complex financial environment becomes even more important, requiring strategic foresight and expert guidance.”

The report also highlighted the impact of the ‘great wealth transfer’, estimating that over $83trn of wealth will be transferred over the next 20 to 25 years.

Of this $83trn, $9trn was expected to move horizontally between spouses, while $74trn was forecast to transfer between generations.

The largest volume of wealth transfers was anticipated in the US (over £29trn), Brazil (nearly $9trn), and mainland China (more than $5trn).

“Wealth is not just an economic measure – it’s a social and political force,” stated UBS Global Wealth Management chief economist, Paul Donovan.

“As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress.

“This year’s report underscores the evolutionary shifts in wealth ownership, especially the growing influence of women and the enduring importance of property and long-term asset trends.”

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