While the slower pace reflects currency effects and market dynamics, the long-term trend remains positive as the region continues to be a cornerstone of global wealth creation, says UBS Singapore country head Young Jin Yee. The region saw a significant increase of more than 100,000 new millionaires last year, as well as a continued share of around one-third of global wealth.
“Average wealth per adult rose considerably across several markets, including Singapore, Australia and Japan. Since the start of the millennium, Australia has recorded double-digit percentage growth in both the number of HNWIs and their collective wealth, while Singapore also saw strong growth — highlighting the region’s sustained capacity to generate and accumulate wealth,” says Young, who is also the bank’s co-head global wealth management Apac.
The UBS Global Wealth Report estimates wealth using models, as complete and reliable wealth data is not available across all countries, says UBS economist James Mazeau. Unlike flow figures, stock figures such as wealth are harder to measure. The report relies on surveys, available statistics, proxies and model assumptions, which need to be recalibrated over time.
This means the latest figures may not be directly comparable with previous editions, and past estimates may be revised. The figures should therefore be interpreted with caution, particularly as wealth can be underreported or poorly understood by households themselves. For example, UBS does not have the same level of data for China as it does for other markets and relies more heavily on proxies, says Mazeau. “Asia Pacific was leading the pack in previous years, and now it has been revised downwards. This year’s findings do not say anything about prospects and how growth will develop in the years to come. I think this is very important to note.”
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Wealth distribution
Based on UBS’s estimates, the world’s millionaire population expanded by 1.5% in 2025. While modest in percentage terms, this represents nearly 1 million new millionaires over the year, or more than 2,680 a day. In US dollar terms, the highest growth rates were recorded in Lithuania, at 8% y-o-y, followed by Turkey, Latvia and Hungary, each with growth rates above 5%.
In absolute terms, the US stands out by virtue of having created over 440,000 new millionaires in 2025, an increase of 1.9% y-o-y or over 1,200 new millionaires per day. Mazeau says that the US is still home to more than 40% of the world’s millionaires, amounting to more than 23.6 million people out of the roughly 57.5 million millionaires in UBS’s sample.
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The UK saw more than 43,000 new millionaires last year, while France, Spain, Japan and India each added over 30,000. In Singapore, 5,240 new millionaires were added in 2025, representing 2.2% growth y-o-y.
Beyond the growth in millionaire numbers, wealth levels also vary significantly across markets, Mazeau adds. While many countries have relatively high average wealth, often in the six-digit range, smaller markets such as Luxembourg, Switzerland and Hong Kong stand out for their high average wealth and large concentration of millionaires — close to 10% in Hong Kong and above 10% in Luxembourg and Switzerland.
UBS economist James Mazeau. Photo: UBS
Overall, North America accounts for the lion’s share of millionaires in the world, mostly due to the US. Combining North America with Greater China results in more than half of the world’s millionaire population. Meanwhile, Greater China and Southeast Asia host over one-fifth of the world’s total, at 11.7% and 9.9% respectively.
However, being a millionaire does not necessarily mean that one feels rich, says Mazeau. “To those living in large and expensive cities such as New York, London or Zurich, being a US dollar millionaire might not actually mean anything, as a share of their wealth will be in pension funds or housing, resulting in them not actually having a lot of cash on hand to spend. The wealth effect is important — when people feel rich, they consume more, and this is where the wealth narrative translates into the growth narrative.”
The next three wealth brackets — net assets between US$5 million ($6.46 million) to US$10 million; US$10 million to US$50 million; and US$50 million to US$100 million — also saw robust growth in markets surveyed, save for Japan, which is affected by the protracted depreciation of its currency versus the greenback. In terms of CAGR between 2000 and 2005, Mainland China recorded the biggest increase of above 20%, while Australia saw growth of above 10%.
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For Singapore, adults with net assets of US$5 million to US$10 million, US$10 million to US$50 million, and US$50 million to US$100 million grew at a compound annual growth rate of 8%, 7.6%, and 7.3%, respectively, totalling 27,000. Globally, a total of 7 million adults are within these wealth brackets, says Mazeau.
He notes that the wealth pyramid has shifted towards a more diamond-like shape, as the number of people in the lowest wealth band of US$0 to US$10,000 declines, with more moving into the US$10,000 to US$100,000 and US$100,000 to US$1 million bands.
This broader shift is reflected in longer-term trends, with wealth in one market rising by more than 50% over the past decade, while another has seen a decline of about a quarter.
South Korea has witnessed the most spectacular rise in UBS’s sample when measured in real terms in local currency — since the year 2020, its real average wealth per adult has ballooned by over 55%, far ahead of Russia’s 37%, Croatia’s 29% and Norway’s 27%. Nine nations have seen their wealth shoot up by over 20% in this timeframe, a further eight by over 15% and eight by more than 10%.
In 15 cases, however, average wealth per adult has dropped. Moderate drops were seen in markets like Brazil (-3.13%) and France (-4.52%), while severe drops can be seen in the Netherlands (-14.36%) and the UK (-23.2%).
Ongoing wealth transfer
The UBS Global Wealth Report assesses where wealth is concentrated, how it is distributed and the plausible range of global wealth. This has become increasingly important, as accumulated wealth in 2025 has helped shape this year’s economic narrative, says UBS chief economist Paul Donovan.
“When the war in the Gulf initially pushed oil prices higher, there was instinctive fear amongst many that it would lead to a rapid decline in consumer spending as households redirected income towards energy costs. As we are all aware, this has not happened,” he adds. “Instead, consumers have drawn down their savings, supported by strong household balance sheets and relatively healthy wealth levels. In that sense, wealth has played an important role in supporting the economic cycle and the growth story so far in 2026. This is why, even if data on wealth remains limited, it is important to understand where wealth sits, who owns and controls it, and where it is heading.”
One theme UBS has emphasised in the report over the past several years is the ongoing great wealth transfer — not only between generations, but also across different groups of wealth owners. Donovan says this trend remains important as women take control of a growing share of global wealth.
This is partly because Generation X (those born between 1965 and 1980), as the inheriting generation, tends to take a more equitable approach to wealth ownership, while wives are also inheriting wealth from their husbands. “At UBS, the number of female clients on our books is 46% at the moment, up from 45% three years ago, and up from 40% just a few years before that, so we’re already seeing this trend of changing demographics coming through.”
UBS chief economist Paul Donovan. Photo: Albert Chua/The Edge Singapore
Another important shift is the changing demographics of wealth ownership. Data from the US illustrates the generational difference: around 3% of baby boomers identify as LGBTQ+, compared with roughly 20% of Generation X who are either openly LGBTQ+ or have openly LGBTQ+ children. Donovan says this matters because the transfer of wealth to a new generation of owners could also bring changes in the values shaping investment decisions. Over time, these changes could influence how global wealth is invested and affect the cost of different forms of capital.
Beyond investment decisions, changing perceptions of wealth are also becoming more visible. “Personally, I think the consequences of social media are that there is greater awareness of wealth and, potentially, of differences in wealth around the world,” says Donovan. He points to trends on TikTok, such as “Get Ready with Me” videos, which show differences in lifestyle and standards of wealth. In this context, he believes the issues around mobilising wealth are going to be moving up the political agenda.
This could also lead to greater focus on how wealth is taxed and directed. Wealth taxes and inheritance taxes may face political and economic challenges, but capital gains taxes are easier to administer and could become more common. Governments may also use regulation or tax incentives to channel private wealth into government bond markets, similar to the US municipal bond market, Donovan adds.
