According to the 29th edition of the World Wealth Report 2025 published today by the Capgemini Research Institute, the number of high-net-worth individuals (HNWIs) worldwide grew by 2.6% in 2024.
This increase is largely attributed to a 6.2% rise in the population of ultra-high-net-worth individuals, whose wealth benefited from strong stock market performance and growing optimism around artificial intelligence. Alternative investments—such as private equity and cryptocurrencies—now account for 15% of HNWIs’ portfolios.
“As the world’s largest market for high-net-worth individuals, the United States stands out with an additional 562,000 millionaires, marking a 7.6% increase and bringing the country’s total to 7.9 million HNWIs by the end of 2024,” the report states.
In contrast, the number of HNWIs in Europe declined by 2.1%, driven by economic stagnation in major economies. The United Kingdom, France, and Germany lost 14,000, 21,000, and 41,000 millionaires respectively. However, the ultra-wealthy segment in Europe saw a 3.5% increase, reflecting a growing concentration of wealth. The Asia-Pacific region recorded a 2.7% rise in HNWIs, though this growth varied significantly between countries.
Latin America experienced a sharp 8.5% drop in its HNWI population, largely due to currency depreciation and fiscal instability. Brazil (-13.3%) and Mexico (-13.5%) saw the steepest declines. Meanwhile, the Middle East reported a 2.1% decrease in its number of HNWIs, attributed to falling oil prices.
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