Ultra HNW growth drives global millionaire wealth to record high

Total wealth held by global high net worth individuals (HNWI) increased by 8.7 per cent to a record-high $98.3trn in 2025, the largest annual increase since 2018, a report from Capgemini has revealed.

Capgemini Research Institute’s World Wealth Report 2026 noted that robust equity market performance and easing inflation pushed HNWI wealth creation last year, increasing the number of millionaires by almost two million to 25.3 million people.

Ultra HNWIs experienced the greatest share of the gains amid exposure to a wider range of public and select high-performing private assets.

Global ultra HNW population increased by 9.4 per cent to approximately 250,000 in 2025, the fastest-growing wealth segment for the second year in a row.

Overall ultra HNWI wealth rose by 9.7 per cent year-on-year, outpacing the wider HNWI cohort, and wealth remained concentrated, with the top 1 per cent of HNWIs accounting for 34.8 per cent of overall HNWI wealth.

Capgemini said that equity markets, fuelled by AI-related rallies, were the primary driver of HNWI wealth growth across five of the six major regions last year: Asia-Pacific; North America; Europe; Africa; and Latin America.

However, the Middle East’s HNW population fell by 1.4 per cent as lower oil prices, regional conflict, and labour market strains affected Gulf state activity.

In the UK, the HNW population increased by 2.6 per cent, according to the report, despite widespread reports of wealthy people leaving the country.

Portfolio allocations

Equity allocations increased to 25 per cent HNWI portfolios, as at January 2026, a three percentage point rise year-on-year, while fixed income holdings rose by 2 percentage points to 20 per cent.

On the other hand, alternative investments fell to 12 per cent of portfolio allocations amid the relative outperformance of public equities.

Despite this, 68 per cent of HNWIs suggested they intended to increase their exposure to private equity.

“In our 30 years of tracking global wealth, 2025 represents an exceptional moment for the size of the world’s population of HNWIs and the assets they control,” commented Capgemini Financial Services Strategic Business Unit CEO, Kartik Ramakrishnan.

“HNWIs now have access to more asset classes across markets, along with greater options in terms of advisors and expertise.

“For the industry, this is a clear inflection point: between 2022 and 2025, an estimated $1.5trn in new assets flowed to competitors of traditional firms.

“Clients, including younger HNWIs benefiting from wealth transfers, are seeking more: greater product access, deeper personalisation, and advice that truly reflects their lifestyle.

“Firms that can deliver this at scale, powered by AI-enabled insights and capabilities, will define the next era of wealth management.”

Wealth management

The report highlighted that competition for wealth management business had increased, despite growing numbers of HNWIs.

Exclusive client relationships had fallen from 39 per cent of HNWIs working with a single firm to just 19 per cent in 2025.

Capgemini said a significant driver of this was product access, with 88 per cent of HNWIs working with multiple firms to gain better access to alternative investments.

Only 17 per cent of HNWIs described their advisory experience as ‘seamless and personalised’, as 42 per cent reported restating their goals and preferences multiple times to the same firm.

The report argued that addressing these challenges will require wealth management firms to embed augmented intelligence to supplement human advice to bridge the gap between HNWIs’ expectations and what they can deliver.

Almost all (97 per cent) firms still segmented clients primarily by assets under management, which Capgemini said failed to capture the nuances of behavioural signals that define how HNWIs actually engage.

Six in 10 (60 per cent) wealth management executives admitted their firms lacked a unified client view, leading to fragmented processes and duplicated effort.

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