Booming stock markets have sharply increased the number of dollar millionaires worldwide, according to a study by consulting firm Capgemini released on Thursday.
Some 25.3 million people around the world had investable assets of at least $1 million last year, almost 2 million more than in 2024, the analysis showed.
The United States remained the clear leader, with the number of millionaires rising by 736,000 to 8.7 million, the largest increase of any country. Japan ranked second after adding 436,000 millionaires.
Germany retained third place globally. Around 1.78 million people in the country were classified as high-net-worth individuals in 2025, up 11.1% from a year earlier, according to Capgemini. Their combined wealth rose by 12.7% to just over $7.1 trillion, helped in part by easing inflation.
China ranked fourth, with an increase of 154,000 millionaires.
Together, the four countries with the most millionaires - the US, Japan, Germany and China - accounted for almost two-thirds of the global total, at 65.7%.
The wealth of high-net-worth individuals worldwide rose more strongly than ever before in a single year, according to the latest World Wealth Report.
Globally, their wealth increased by an estimated 8.7% to a record $98.3 trillion.
The fastest-growing group was ultra-high-net-worth individuals with investable assets of at least $30 million, whose numbers rose by 9.4% worldwide.
In its annual World Wealth Report, published since 1997, Capgemini includes shares, bonds, alternative investments such as private equity, cash and real estate, provided the property is not owner-occupied.
Art collections and consumer goods such as cars and jewellery are not included.
The study is based on several surveys involving 6,510 high-net-worth individuals in 27 markets, 144 wealth management executives and 1,317 relationship managers.
