Stock markets rose 18% in the U.S. last year. That lifted portfolios for the rich. But U.S. median wealth per adult dropped nearly 20% from 2020 to 2025, adjusted for inflation, while average wealth increased by about 10% over the same period.
The Millionaire Boom
The world's millionaire population hit 58 million at the end of 2025. Their combined wealth reached approximately $250.6 trillion. The gains were concentrated at the top.
People with $1 million to $5 million in assets saw their total wealth jump 170% since 2000, after accounting for inflation. Those above $5 million saw a 343% increase.
James Mazeau, a UBS economist, explained why. "The higher you go in the wealth bands, the more wealth creation will tend to be linked to either the performance of your business or your investment portfolio - or both," he said. Stock markets were the engine.
That pushed more people over the million-dollar mark.
The United States added more than 440,000 millionaires - a 1.9% increase. Turkey added 6.4%, and the United Arab Emirates added 3.5%. Wealthier people saw larger increases because their assets are more heavily tied to equities.
The Middle-Class Squeeze
In the Americas, personal wealth grew 8.5%.
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In the Asia-Pacific region, it grew 5.9%. Europe, the Middle East, and Africa recorded the highest growth rate of 17.5%. Currency moves played a role.
Because UBS measures wealth in dollars, the dollar's decline last year further widened the gaps in global wealth growth rates.
Mazeau noted that currency pegs matter. "If you are, let's say, based in the Middle East, and most of your wealth is tied into U.S. stocks, and furthermore, you have a currency that's pegged to the U.S. dollar, well, the currency moves really don't matter at all," he said.
Global Winners and Risks
Billionaires had an even bigger year. UBS data showed that the combined fortunes of billionaires rose by close to a quarter over the twelve months through April.
Regional differences were stark. Turkey's millionaire population rose 6.4%. The UAE added 3.5%.
What to Watch
The Iran war introduced uncertainty. Mazeau said, "It is too early to predict how the conflict will weigh on high-net-worth individuals in the Middle East. Asset allocation and currency trends are two of many factors that will determine the outcome," he added.
Investors may have changed portfolios because of the conflict.
"Will they diversify their holdings? Will they make more direct investments in the U.S.? How will the situation that unfolded change the investment landscape and the investment philosophy and asset allocation?" he asked.
"I don't know yet."
Currency moves could shift outcomes. "If you tend to diversify your holdings into other investments that tend to be in currencies that have appreciated versus the U.S. dollar, and if we measure things in U.S. dollars, then that will, for 2026 get a bit better outlook," Mazeau said. The bottom line: stock markets created millionaires last year, but the next wave depends on war, currencies, and where the wealthy put their money.
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