In 2025, the world’s wealth landscape is evolving in profound ways, with a growing segment of “everyday millionaires” quietly emerging as a new global middle class.
According to the latest UBS Global Wealth Report these individuals – dubbed EMILLIs- hold investable assets between $1 million and $5 million, and their numbers have more than quadrupled since 2000, reaching approximately 52 million worldwide by the end of 2024.
This group now controls around $107 trillion in wealth, nearly closing in on the $119 trillion held by ultra-high-net-worth individuals with assets exceeding $5 million.
The rise of EMILLIs marks a significant shift in wealth distribution, driven largely by real estate appreciation and favorable currency effects.
This growing cohort represents a broadening base of wealth holders who, in many ways, resemble a modern middle class, underpinning a more diversified and dynamic wealth ecosystem.
Global wealth expanded by 4.6% in 2024, continuing a steady upward trend following a 4.2% increase the previous year. However, growth was unevenly distributed.
The Americas led the charge with more than an 11% rise, buoyed by a strong US dollar and robust financial markets, while Asia-Pacific and Europe, Middle East, and Africa lagged with growth rates below 3% and under 0.5%, respectively.
North American adults remain the wealthiest on average, holding $593,347 each in 2024, followed by Oceania ($496,696) and Western Europe ($287,688).
Despite these gains, over half of the 56 markets surveyed experienced a decline in average wealth per adult when measured in US dollars, reflecting ongoing regional disparities.
Switzerland continues to top the global rankings for average wealth per adult, followed by the United States, Hong Kong SAR, and Luxembourg.
Meanwhile, countries including Denmark, South Korea, Sweden, Ireland, Poland, and Croatia recorded double-digit growth in average wealth when measured in local currencies.
The number of US dollar millionaires worldwide rose by 1.2% in 2024, adding more than 684,000 new millionaires. The United States accounted for over 379,000 of these, averaging more than 1,000 new millionaires per day.
The US, mainland China, and France lead in the total number of millionaires, with the US alone representing almost 40% of the global millionaire population.
Beyond sheer numbers, the report reveals changing patterns in asset allocation and generational wealth. In the United States, millennials – those born after 1981 – hold a larger share of their wealth in consumer durables, real estate, and private business investments compared to older generations.
Baby Boomers remain the wealthiest cohort, holding over $83 trillion in net wealth, far surpassing Generation X, the Silent Generation, and millennials.
Global wealth management is also poised for massive transfers in the coming decades. Over $83 trillion is expected to move between generations over the next 20 to 25 years, with the United States, Brazil, and mainland China accounting for the largest shares of this wealth transfer.
“Millionaires are no longer Monopoly caricatures,” said Paul Donovan, chief economist at UBS Global Wealth Management. “It’s shifted to encompass a very large portion of the population.”
“Wealth is not just an economic measure – it’s a social and political force. As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress.”
This year’s report underscores the evolutionary shifts in wealth ownership, especially the growing influence of women and the enduring importance of property and long-term asset trends, he said.
