Global millionaire wealth reaches $98 trillion as Gulf cements its magnet status
The combined private wealth of dollar millionaires worldwide has climbed to a record $98.3 trillion, according to Capgemini’s latest World Wealth Report, underscoring the continued expansion of global private capital despite economic uncertainty.
Compared with the previous edition of the report, the wealth held by high-net-worth individuals (HNWIs) increased by 8.7%, adding $7.8 trillion in just one year. Recovering equity markets, resilient economic growth and strong investment returns were the primary drivers behind the increase.
Globally, Asia-Pacific delivered the strongest performance. Millionaire wealth in the region increased from $26.9 trillion in 2024 to $29.7 trillion in 2025 – an increase of 10.5% – driven by economic recovery and the strong performance of technology companies and listed equities.
Europe also posted another year of healthy growth, with millionaire wealth increasing 8.0% to $20.5 trillion. However, according to Capgemini, the Middle East’s combined millionaire wealth declined by 1.5% to $3.5 trillion during the period. The consulting firm attributes the decline primarily to fluctuations in oil markets and the region’s comparatively lower exposure to the global equity rally that was fueled by booming technology stocks and artificial intelligence.
Yet the figures tell only part of the story. Even as aggregate regional wealth softened, the Gulf Cooperation Council continues to strengthen its position as one of the world’s most attractive destinations for wealthy individuals, entrepreneurs and family offices.
Over the past several years, countries including the United Arab Emirates and Saudi Arabia have introduced a series of reforms designed to attract global capital, including long-term residency visas, expanded investment opportunities, business-friendly regulation and favorable tax environments.
The UAE, in particular, has become one of the world’s leading destinations for millionaire migration. Wealthy individuals from Europe, Asia, Africa and Russia have increasingly relocated their businesses, investments and families to Dubai and Abu Dhabi, attracted by political stability, a strategic global location, high-quality infrastructure and the absence of personal income tax.
In Saudi Arabia, meanwhile, its ambitious Vision 2030 agenda is creating significant investment opportunities across sectors such as tourism, real estate, technology, entertainment and advanced manufacturing, drawing both domestic and international investors.
These developments have seen the Gulf’s private wealth ecosystem expand significantly over the past years, growing demand for related services in areas such as wealth management, private banking, family office advisory, and tax structuring.
More millionaires than ever before
The number of dollar millionaires worldwide also continued to climb in 2025. Globally, the millionaire population grew from 23.4 million to 25.3 million, representing annual growth of 7.9%.
Asia-Pacific again led the rankings, recording a 9.4% increase in the number of wealthy individuals. Europe followed with growth of 6.5%, with Germany and Luxembourg posting particularly strong gains.
The billions in wealth are however increasingly concentrated in the hands of a small number of individuals. The wealthiest 1% of millionaires today control 34.8% of all millionaire wealth worldwide, equivalent to more than $34.2 trillion.
Individuals with between $5 million and $30 million account for 9.3% of the millionaire population and collectively own $22.3 trillion, while the largest group – those with between $1 million and $5 million – represents nearly 90% of all millionaires and controls $41.8 trillion.
