AI-driven equity market boom in 2025 led to the highest annual high-net-worth individual (HNWI) population growth in five years, rising 7.9 percent year on year to 25.3 million individuals, according to Capgemini's World Wealth Report 2026.
The French multinational information technology services and consulting company found that HNWI wealth increased by 8.7 percent to US$98.3 trillion (HK$767 trillion) last year, equivalent to approximately US$111 trillion of global GDP in 2024.
Notably, the report mentioned that gains were concentrated among the wealthier cohorts, with ULTRA-HNWI's wealth exceeding US$30 million. Their population also reached a record high of 250,000 individuals.
The market also expects more millionaires and billionaires following SpaceX's largest debut.
The report surveyed 6,510 HNWIs across four regions – the Americas, Europe, Asia-Pacific, and the Middle East. Among them, the Asia-Pacific region recorded the largest wealth growth, with regional wealth rising by 10.5 percent, mainly driven by a surge in semiconductor demand that fueled Asian markets. Japan and China led the growth, adding 436,000 and 154,000 new millionaires, respectively.
The US added 736,000 new millionaires, bringing the total number to 8.7 million. The wealth of HNWIs in the country grew by 10 percent year on year.
Europe recorded a strong rebound, with the HNWI population growing by 6.5 percent, benefiting from easing inflation and stable stock markets. Luxembourg led the region's growth with a 13.5 percent surge in its HNWI population.
Meanwhile, the HNWI population in the Middle East fell by 1.4 percent due to oil prices and regional conflict, alongside labor-market strain and weakened activity across several Gulf Cooperation Council economies. The report noted that the survey data were collected before the US-Israeli war on Iran, which pushed up oil prices, damaged the regional economy, and caused ripple effects globally.
