Exclusive relationships have halved in six years as clients defect
In 2025, the world's millionaire class grew by nearly two million souls, lifting the global count to 25.3 million and their combined wealth to a record $98.3 trillion — the largest single-year expansion since 2018. Equity markets energized by artificial intelligence and steady corporate earnings were the primary engine, with gains felt from Silicon Valley to Seoul. Yet beneath the headline abundance lies an older truth: the already wealthy grew wealthiest fastest, and the institutions built to serve them are struggling to keep pace with the very clients they helped enrich.
- Global millionaire wealth surged 8.7% in a single year, with ultra-high-net-worth individuals — those holding at least $30 million — growing faster than any other segment for the second consecutive year.
- The concentration of gains is stark: the top 1% of millionaires now control nearly 35% of all high-net-worth wealth, even as countries from Japan to India added meaningful numbers of newly minted millionaires.
- Traditional wealth management firms are losing their grip — exclusive single-firm relationships have collapsed from 39% to 19% since 2019, as clients shop across multiple advisors to access alternative investments their primary firms cannot provide.
- The experience inside those firms is fractured: only 17% of wealthy clients describe their advisory relationship as seamless, and nearly half have had to restate their own goals multiple times to the same institution.
- An estimated $1.5 trillion in assets migrated away from traditional wealth managers between 2022 and 2025, flowing toward WealthTechs, family offices, and robo-platforms — a structural shift that shows no sign of reversing.
The world added nearly two million millionaires in 2025, bringing the global total to 25.3 million and their combined wealth to a record $98.3 trillion. Stock markets powered by artificial intelligence enthusiasm and resilient corporate earnings drove the largest single-year wealth jump since 2018.
The United States led all nations, adding 736,000 new millionaires to reach 8.7 million in total. Japan contributed 436,000; China, 154,000. Asia-Pacific posted the strongest regional performance — 10.5% wealth growth — lifted by semiconductor demand rippling through regional equity markets. At the very top of the wealth ladder, ultra-high-net-worth individuals with at least $30 million in investable assets grew 9.4% in population and 9.7% in wealth, becoming the fastest-growing segment for the second straight year. The top 1% of all millionaires now hold 34.8% of all millionaire wealth.
Portfolios reflected the market moment. Equity allocations rose to 25% of holdings as technology stocks delivered outsized returns. Fixed income climbed to 20%, its strongest year since 2020. Alternative investments dipped to 12% — not from lost appetite, but because public markets simply outperformed. Two-thirds of wealthy individuals still plan to increase private equity exposure, signaling a tactical retreat rather than a change of conviction.
The wealth management industry, meanwhile, is under quiet siege. The share of millionaires working exclusively with one firm has fallen from 39% in 2019 to just 19% today. The reason is practical: 88% of high-net-worth individuals use multiple firms specifically to reach alternative investment products their primary advisors cannot offer. Only 17% describe their advisory experience as seamless and personalized. Nearly half have had to re-explain their own goals to the same firm more than once.
The structural cracks run deep. Sixty percent of wealth management executives admit they lack a unified view of their clients. Advisors spend 41% of their time on operational tasks rather than relationships. Three-quarters want AI to absorb that routine work. Between 2022 and 2025, an estimated $1.5 trillion in assets left traditional firms for newer competitors. The firms most likely to endure are those that can deliver genuine personalization at scale — using technology to sharpen human judgment rather than replace it.
The world's millionaire class swelled by nearly two million people in 2025, pushing the global population of high-net-worth individuals to 25.3 million. Their combined wealth reached $98.3 trillion, marking the largest single-year jump since 2018. The surge was driven by a straightforward engine: stock markets that climbed on the back of artificial intelligence enthusiasm and corporate earnings that held up under easing inflation.
The United States dominated the growth, adding 736,000 new millionaires—more than any other country on earth—to reach a total of 8.7 million. But the wealth creation was genuinely global. Japan added 436,000 millionaires. China added 154,000. Even smaller economies saw meaningful movement: Australia's millionaire population grew by 18,100; India's by 11,300. Asia-Pacific as a whole posted the strongest regional performance, with wealth climbing 10.5% and population expanding 9.4%, buoyed by semiconductor demand that lifted stock markets across the region.
The real story, though, was at the very top. Ultra-high-net-worth individuals—those with at least $30 million in investable assets—became the fastest-growing wealth segment for the second year running. Their global population reached roughly 250,000, up 9.4% from the year before. Their wealth grew even faster, climbing 9.7%. This concentration matters: the top 1% of all HNWIs now control 34.8% of all HNWI wealth. The gains were not evenly distributed. Wealth remained a story of the already wealthy getting wealthier.
Portfolios shifted in response to market performance. Equity allocations climbed to 25% of HNWI holdings, up three percentage points, as technology stocks and broader corporate earnings delivered outsized returns. Fixed income expanded to 20%, up two points, as bond markets posted their strongest year since 2020. Alternative investments—private equity, hedge funds, real estate partnerships—actually declined to 12% of portfolios, not because appetite disappeared but because public stocks simply outperformed. Yet two-thirds of HNWIs still said they intended to increase their exposure to private equity, a sign that the shift was tactical, not philosophical.
The wealth management industry faces a different kind of pressure. Exclusive client relationships have collapsed. In 2019, 39% of HNWIs worked with a single wealth firm. By 2025, that figure had fallen to 19%. The reason is blunt: 88% of HNWIs work with multiple firms specifically to access better alternative investment opportunities. They are shopping for products their primary advisors cannot deliver. WealthTechs, single-family offices, and robo-advisory platforms are steadily peeling away clients who feel underserved.
The experience gap is real and measurable. Only 17% of HNWIs describe their advisory relationship as seamless and personalized. Forty-two percent have had to restate their goals and preferences multiple times to the same firm. Wealth management executives acknowledge the problem: 60% lack a unified view of each client, resulting in fragmented processes and duplicated work. Nearly all firms—97%—still segment clients primarily by assets under management, missing the behavioral signals that actually drive how wealthy individuals engage.
Advisors themselves are drowning in routine work. Forty-one percent of their time goes to operational tasks rather than client interaction. Three-quarters of advisors want artificial intelligence systems to automate that routine work so they can focus on relationships. Sixty-one percent want access to an integrated ecosystem of specialists who can address both financial and non-financial needs. When firms get the experience right, the payoff is concrete: 53% of HNWIs recommend their firm to others, and 47% consolidate their assets with that firm, directly expanding wallet share.
The 30th edition of Capgemini's World Wealth Report, which produced these findings, surveyed 6,510 high-net-worth individuals across 27 markets, 144 senior wealth management executives across 24 markets, and 1,317 relationship managers across 24 markets. The data captures a moment of inflection. Between 2022 and 2025, an estimated $1.5 trillion in new assets flowed to competitors of traditional wealth management firms. The old model—exclusive relationships, segmentation by assets, advice delivered through a single channel—is breaking. The firms that survive the next decade will be those that can deliver personalization at scale, powered by technology that sharpens rather than replaces human judgment.
Citas Notables
In our 30 years of tracking global wealth, 2025 represents an exceptional moment for the size of the world's population of high-net worth individuals and the assets they control. Firms that can deliver personalization at scale, powered by AI-enabled insights and capabilities, will define the next era of wealth management.— Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit
La Conversación del Hearth Otra perspectiva de la historia
Why does it matter that ultra-high-net-worth individuals grew faster than the broader millionaire population?
Because wealth concentration is accelerating. The top 1% of HNWIs now control more than a third of all HNWI wealth. When the richest grow faster than everyone else, it signals that gains are clustering at the very top.
The report mentions that 88% of HNWIs work with multiple wealth firms. Isn't that normal?
It would be, except it's a dramatic shift. Six years ago, 39% worked exclusively with one firm. Now it's 19%. That's not diversification for safety—it's defection. They're leaving because their primary advisor can't give them what they want.
What do they want that they're not getting?
Access to alternative investments, mostly. But also personalization. Only 17% say their experience feels seamless. Many have to repeat their goals to the same firm multiple times. It's a failure of coordination and client knowledge.
Why can't traditional wealth firms fix this?
They're built on the wrong foundation. They segment clients by assets under management, not by behavior or need. Sixty percent don't even have a unified view of who a client is across the firm. It's fragmented by design.
So what's the solution?
Technology that automates routine work—three-quarters of advisors want this—so they can actually spend time with clients. And a unified operating model that knows who the client is and what they need, across every interaction.
Does that actually work?
When firms get it right, yes. Fifty-three percent of HNWIs recommend their firm to others, and 47% consolidate their assets. That's real money moving.