Key facts
- The global population of high-net-worth individuals (HNWIs) grew by 7.9% in 2025 to 25.3 million.
- The total wealth of HNWIs increased by 8.7% to a record $98.3 trillion in 2025.
- Europe's HNWI population grew by 6.5% in 2024, with wealth growth accelerating to 8.0% in 2025.
- HNWIs are shifting investments from cash to equities and fixed income.
- Growth in wealth is linked to performance in sectors like defense and energy, boosting stock markets.
The global population of high-net-worth individuals (HNWIs) expanded by nearly 2 million in 2025, reaching a total of 25.3 million worldwide. Their combined wealth saw an 8.7% increase, hitting a record $98.3 trillion, which represents the most significant annual growth since 2018, according to Capgemini's World Wealth Report.
Europe experienced a notable rebound, with HNWI wealth growth accelerating to 8.0% in 2025, up from 0.7% in 2024. The continent's HNWI population also grew by an estimated 6.5% in 2024. Luxembourg led growth with a 13.5% increase in its HNWI population, followed by Germany (11.1%), Belgium (9%), France (2.7%), and the United Kingdom (2.6%).
Investments among HNWIs have shifted, with a reduction in cash holdings and an increase in allocations to equities and fixed income assets. This move towards potentially higher-return, higher-risk investments is seen as beneficial for the broader economy, potentially generating growth and economic value. Sectors such as defense and energy have seen their fortunes bolstered, contributing to stock market performance. Germany's DAX index surged by nearly 22% in 2025, partly driven by companies like Rheinmetall and Siemens Energy, while the UK's FTSE 100 rose 21.5%, with mining and defense sectors playing a role. The European Central Bank's interest rate policies and a focus on innovation are also cited as factors contributing to stability and equity performance.