What's happened
UBS reports 2025 global wealth rose 10.8%, fueled by stock markets and tech gains. The number of millionaires surged worldwide, led by the United States; median wealth fell in many markets, widening the rich-poor gap. Australia saw a rise in millionaires, though median wealth declined. The report highlights how assets and housing influence millionaire status and global inequality.
What's behind the headline?
Context and implications
- UBS’s data show a worldwide rise in millionaires even as median wealth falls in many regions, underscoring a growing wealth gulf.
- Stock-market-driven gains disproportionately benefit those with larger asset bases, reinforcing the K-shaped recovery narrative.
- Housing values are a key driver: rising property valuations push many into the millionaire bracket, though liquidity remains limited until a sale.
- Currency effects matter: USD-denominated measures can exaggerate gains for holders of dollar assets when other currencies strengthen or weaken.
What this means for readers
- Wealth gains are not evenly distributed; middle-class households may not share in the rally.
- Property owners could see future liquidity changes as markets and policies shift.
- Decisions around diversification, taxation, and investment exposure will shape personal wealth trajectories in 2026.
Caveats
- The report’s metrics rely on USD estimates; real-world wealth accessible to individuals may differ by country and liquidity.
- Median figures often tell a different story than averages, highlighting the importance of looking beyond headline numbers.
How we got here
UBS’s Global Wealth Report tracks 56 markets, using USD to measure wealth. In 2025, stock market gains boosted overall wealth while median wealth often declined, signaling widening disparities. The US accounted for roughly half of new millionaires, with Australia also contributing a notable share. Property values, tax policies, and currency movements shape who counts as a millionaire.
Our analysis
Business Insider UK: UBS notes top earners drive much of the wealth increase; the US accounts for almost half of new millionaires. SBS: Australia adds new millionaires but median wealth declines. CNBC: Global millionaire population at 58 million; US shares contribute to half of new millionaires, with rising inequality. The Times of Israel: Israel’s average wealth per adult rises, but median wealth falls, signaling widening gaps.
Go deeper
- How has the billionaire share of wealth changed this year?
- What does the UBS report say about liquidity and property as wealth drivers?
- Which regions show the strongest divergence between average and median wealth?
More on these topics
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UBS - Investment banking company
UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking
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United States - Country in North America
The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
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United Arab Emirates - Country in the Middle East
The United Arab Emirates, sometimes simply called the Emirates, is a sovereign state in Western Asia at the northeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south and west, as well as sharing m
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Middle East - Region
The Middle East is a transcontinental region that generally includes Western Asia, all of Egypt, Iran, and Turkey. Soviet Central Asia, Afghanistan, and Pakistan are generally excluded.
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Luxembourg - Country in Europe
Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France to the south.