An IMGW News Report
The world’s millionaire population is inching upward once more – though the riches are far from evenly spread. According to Capgemini’s World Wealth Report 2025*, high-net-worth individuals (HNWIs) grew by 2.6% globally in 2024, fuelled by buoyant stock markets, AI-driven optimism, and a rising appetite for alternative investments.
Yet while North America is flush, other regions are bleeding wealth.The United States led the global charge, adding 562,000 new millionaires to reach a record 7.9 million – a 7.6% increase.
“Millennials & Gen Z millionaires: 61% say they favour higher-risk, higher-return investments”
By contrast, Europe lost 76,000 HNWIs, with Germany alone shedding 41,000, followed by France (-21,000) and the UK (-14,000).
Latin America fared worse still, with an 8.5% decline in its millionaire class, hammered by currency devaluation and fiscal instability. Brazil and Mexico each saw double-digit percentage drops.
Even China, long the region’s growth engine, saw a modest 1.0% contraction in its HNWI numbers. Only India (+5.6%) and Japan (+5.6%) in Asia-Pacific joined the U.S. in substantial gains.
What’s more, the rich are not only multiplying—they’re changing. A growing share of portfolios – now 15% on average – is flowing into alternative assets, such as private equity, digital currencies, and structured products.
Millennials and Gen Z millionaires, in particular, are leading the charge: 61% say they favour higher-risk, higher-return investments. Their priorities diverge sharply from those of baby boomers, placing greater value on digital tools, AI-powered advice, and lifestyle concierge services.
“The challenge now is not just growing wealth – but keeping it”
The impending “great wealth transfer” – an estimated $83.5 trillion changing hands by 2040 – further heightens the urgency. Capgemini warns that 81% of heirs plan to switch firms within two years of inheriting, putting immense pressure on wealth managers to evolve or perish.
Nearly one in four advisors expects to change jobs in the next year, and almost half will retire by 2040.
In short, the geography and psychology of wealth are shifting rapidly. While America cements its lead in generating new riches, traditional centres in Europe and Latin America are slipping. The challenge now is not just growing wealth – but keeping it.
