The planet has never seen so much financial wealth, and the figure is staggering: 98.3 trillion dollars. This is the cumulative wealth of high-net-worth individuals tracked by Capgemini at the end of 2025. In just one year, their wealth grew by 8.7%, the largest increase since 2018, while nearly two million people joined this global club.
The total now stands at 25.3 million individuals with at least one million dollars in investable assets, excluding their primary residence. Behind this record lies a very contemporary mechanism: soaring stock markets, corporate profits, enthusiasm for artificial intelligence, and a slowdown in inflation. However, the statistics also tell a story of division. The top 1% of this group alone holds 34.8% of its wealth.
The Figure That Places Global Wealth at a Peak
According to the 30th edition of the World Wealth Report by Capgemini, the global population of high-net-worth individuals increased by 7.9% in 2025. It rose to 25.3 million individuals, nearly two million more in twelve months. Their cumulative financial wealth grew even faster, by 8.7%, reaching the record of 98.3 trillion dollars.
The definition matters. Capgemini refers to âHNWI,â or high-net-worth individuals: people possessing at least one million dollars in investable assets, excluding their primary residence, collectibles, or consumer goods. The report distinguishes between ânear millionaires,â with assets between 1 and 5 million dollars, the intermediate segment, between 5 and 30 million, and the ultra-wealthy beyond 30 million.
This methodology explains why other studies report different totals. UBS, for instance, uses a broader measure of net worth and counted nearly one million new millionaires in dollars in 2025. The two reports do not contradict each other: they observe different scopes. However, their conclusion converges on one essential point: global private wealth significantly increased in 2025.
AI and Wall Street Accelerated the Machine
Capgemini attributes this expansion to strong corporate earnings and rising stock markets. Capital directed towards companies linked to artificial intelligence has bolstered market dynamics. For investors already heavily exposed to stocks, the revaluation of technology stocks has produced a multiplier effect.
The phenomenon extends beyond Silicon Valley. In Europe, defense, energy, and industry have also propelled indices. Euronews notes that the German DAX gained nearly 22% in 2025, supported notably by Rheinmetall and Siemens Energy, while the British FTSE 100 rose by 21.5%, aided by mining and defense.
The portfolios of the wealthy have also evolved. Capgemini observes a shift towards stocks and bonds, with a decrease in cash holdings. This search for yield can finance companies and projects, but it also makes wealth creation more dependent on the markets. When indices rise, those who already own substantial assets immediately capture the increase. Households without financial savings remain at a distance.
Europe Bounces Back, but at Different Speeds
Europe has about six million high-net-worth individuals according to Capgemini. After a weaker 2024, their wealth grew by 8% in 2025, and their numbers increased by 6.5%. Luxembourg reported a 13.5% rise in its wealthy population, Germany 11.1%, and Belgium 9%.
France is progressing more slowly, with a growth of 2.7% according to data reported by Euronews. The UK is close behind at 2.6%. Another report published by UBS at the end of June estimates that France gained about 35,000 millionaires in 2025 and that it has over two million according to its broader definition, which includes more asset elements.
These figures are impressive, but they do not mean that all millionaires have a million dollars in a bank account. Depending on the chosen scope, an older real estate asset acquired in a major city can push someone over the threshold without generating a high income. Conversely, Capgemini’s definition, which excludes primary residences, targets a population with genuinely mobilizable financial capital.
Why the Record Does Not Automatically Translate into Shared Prosperity
Proponents of private investment emphasize that capital placed in companies, bonds, or funds can finance innovation, employment, and infrastructure. Capgemini believes that the increased appetite for risky assets can create economic value beyond individual portfolios.
However, this transmission is neither automatic nor uniform. A stock market rise immediately increases the wealth of stockholders. For an employee whose income stagnates or for a young couple trying to buy their first home, the same movement can remain abstract. If asset prices rise faster than wages, entering homeownership and accumulating savings become even more challenging.
The concentration at the top is the most powerful signal of the report: the ultra-wealthy, who represent only 1% of the high-net-worth individuals studied, hold 34.8% of their total wealth. In other words, the growth in the number of millionaires is not sufficient to demonstrate a homogeneous widening of prosperity. A considerable portion of the gains remains concentrated within an extremely small circle.
The Decisive Test for France and the Rest of the World
The public debate will now focus on the use of this wealth. Governments are seeking to attract investors, finance the energy transition, and support AI, all while facing immense needs in housing, health, education, and infrastructure. The international mobility of great fortunes further complicates the fiscal equation.
In France, where the issue of purchasing power remains central, the increase in the number of millionaires can become politically explosive if it coincides with a sense of downgrading for the rest of the population. The question is not only how many fortunes are created but whether the investment they generate improves productivity, wages, and services accessible to the majority.
On a global scale, the record of 98.3 trillion dollars thus serves as both a demonstration of power and a warning. It shows that markets can produce wealth at a spectacular speed. It also reminds us that the ownership of assets largely determines who benefits from this acceleration.
The Record That No One Can Look At Without Questioning Inequalities
Nearly two million new high-net-worth individuals in a year: the world has just crossed a historic threshold. AI, stocks, energy, and defense have created massive gains, and Europe has participated in the rebound. Yet, the concentration of more than a third of this wealth in the hands of the top 1% prevents any triumphant reading.
The true verdict will come after the records. If this capital finances solid companies, skilled jobs, and useful transitions, it can nourish the economy. If it remains locked in a loop of asset valuation accessible to a minority, 98.3 trillion dollars will become primarily a symbol of a world where wealth rises faster than trust.
