The world’s millionaires just had their best year in half a decade. Global high-net-worth individual wealth surged 8.7% in 2025, landing at $98.3 trillion, according to Capgemini’s latest World Wealth Report.

The numbers behind the boom

The HNWI population, defined as individuals holding $1 million or more in investable assets, grew 7.9% to reach 25.3 million globally. The United States was the primary engine of that growth, adding 736,000 new millionaires and bringing its total to 8.7 million.

But the real story sits at the top of the wealth pyramid. Ultra-high-net-worth individuals, those holding more than $30 million in investable assets, saw even sharper gains. Their population climbed 9.4% to 250,000, while their collective wealth rose 9.7%.

The report, based on a survey of 6,510 HNWIs and wealth managers, identifies two primary catalysts for the 2025 surge: AI-driven equity rallies and stabilizing inflation rates.

The crypto-shaped hole in the report

Perhaps the most telling detail in the entire Capgemini report is what it doesn’t discuss. The report did not identify any significant developments regarding cryptocurrencies, instead focusing on established financial trends and the transition toward personalized wealth management strategies.

For the crypto industry, this should function as both a reality check and an opportunity signal. A $98.3 trillion wealth pool where digital assets remain an afterthought represents an enormous addressable market that has barely been penetrated.