Nearly 1 million new millionaires created in 2025, UBS says

Dubai: Nearly one million new millionaires were created globally in 2025, as personal wealth rose at its fastest pace in years and more people moved into higher wealth brackets, according to UBS’ Global Wealth Report 2026.

The world’s millionaire population grew by 1.5% last year, adding more than 2,680 new dollar millionaires every day. The US accounted for almost half of the increase, with more than 440,000 people joining the millionaire ranks in 2025.

The UAE also added more millionaires. UBS said the country is now home to 183,000 dollar millionaires, with their ranks rising 3.5% from 2024. Saudi Arabia has around 348,000 dollar millionaires, up 2.6% over the same period.

UAE wealth grows across brackets

The UAE recorded one of the strongest wealth gains in UBS’ sample of 56 markets between 2020 and 2025.

Average wealth per adult increased by almost 25% during the period, while median wealth rose by more than 40%. UBS said this suggests wealth growth was broad across wealth brackets, with stronger gains at the higher end.

The figures point to a deeper wealth base in the UAE, helped by asset growth, capital inflows, business creation and a rising high-income population. The increase in median wealth is significant because it shows gains were not limited to the richest households.

Saudi Arabia also recorded steady wealth growth this decade. Average wealth per adult grew by nearly 4% in local currency terms after inflation, while median wealth rose 4.9%, suggesting gains were more evenly spread across the population.

Low debt supports Gulf households

UBS said the UAE and Saudi Arabia also stand out for low household debt. Debt levels in both markets are barely 6% of gross wealth, among the lowest in the report’s sample.

Financial assets account for around 59% of gross wealth in both countries, showing a similar split in how households hold wealth.

That gives both Gulf economies a relatively strong household balance sheet compared with markets where debt is a bigger drag on wealth creation.

Global wealth jumps 10.8%

Globally, total personal wealth rose 10.8% in 2025 when measured in US dollars, more than twice the growth recorded in 2024 and 2023.

UBS said the increase was driven by strong financial markets and a rise in non-financial wealth, pointing to a broad uplift in living standards.

The gains were not evenly spread. Average wealth rose sharply, but median wealth declined in most markets, widening the gap between the wealthiest households and the broader population.

Europe, the Middle East and Africa recorded the strongest regional wealth growth in 2025, with wealth rising by almost 18%. Western Europe grew nearly 17%, while Eastern Europe surged 28%.

Asia-Pacific lagged with growth of just over 5.9%, although the region remains a major centre for high-net-worth individuals, especially in Greater China and Southeast Asia.

US still dominates millionaire ranks

The US remains the world’s biggest millionaire market. UBS estimates that more than 23.6 million dollar millionaires live in the US, representing more than 40% of the total in its sample.

Western Europe has slightly fewer than 15 million dollar millionaires, or about a quarter of the total. Asia-Pacific has a similar number, led by mainland China with more than 5.3 million millionaires and Japan with close to 3 million.

North America and Western Europe together account for more than 70% of the world’s millionaires. When North America and Greater China are combined, the two regions account for more than 56% of the world’s millionaire population.

Eastern Europe recorded the fastest percentage growth in millionaires, led by Lithuania with an 8% rise, followed by Türkiye, Latvia and Hungary, each growing by more than 5%.

More people move up wealth ladder

UBS said the global wealth pyramid is changing, with fewer adults in the lowest wealth band and more people moving into higher brackets.

About 1.5% of adults in the report’s sample now own more than $1 million. The share of adults with less than $10,000 continues to fall, while middle wealth bands are expanding.

The report also pointed to strong growth among those with wealth immediately above $5 million, a group UBS describes as the older siblings of “Everyday Millionaires.” Mainland China, Australia and the US recorded rapid growth in this segment.