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2,600 new millionaires created every day in 2025 globally, says UBS
Artificial intelligence, resilient stock markets and stronger household balance sheets helped create a million new US dollar millionaires in 2025
- PUBLISHED: Tue 30 Jun 2026, 2:01 PM UPDATED: Tue 30 Jun 2026, 2:37 PM
Nearly one million people became US dollar millionaires in 2025, equivalent to more than 2,600 new millionaires every day, as global household wealth expanded at its fastest pace in years, driven by resilient equity markets, artificial intelligence and stronger household balance sheets, according to the UBS Global Wealth Report 2026.
UBS economists said accumulated household wealth played a more important role in supporting the global economy during 2026 than many expected. When oil prices initially rose following the conflict in the Gulf, there were widespread concerns that higher energy costs would trigger a sharp decline in consumer spending.
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Rather than sharply reducing consumption, many households drew down savings built up in previous years while continuing to benefit from strong household balance sheets. UBS said this "wealth effect" helped sustain economic activity, as consumers who feel financially secure tend to maintain higher levels of spending.
Artificial intelligence emerged as one of the biggest drivers of wealth creation during the past year, primarily through rising equity valuations.
According to UBS, countries with significant exposure to technology companies and higher stock market participation—including the United States, South Korea and China—benefited the most from AI-driven market gains. However, the report noted that the largest gains accrued to wealthier households, which typically allocate a greater share of their assets to equities.
The report found that the number of US dollar millionaires increased across all 56 markets covered by the study, although wealth growth continued to be strongest among high-net-worth households.
UBS economists stressed that wealth creation is "not a zero-sum game," arguing that wealth can grow across all income groups simultaneously. Nevertheless, households with greater exposure to financial markets generally experience faster wealth accumulation because they hold larger investments in listed equities and other financial assets.
The report also highlighted the continuing "Great Wealth Transfer," with trillions of dollars expected to pass between generations over the coming decades.
UBS said women continue to control a growing share of global wealth through inheritance and changing patterns of wealth ownership. The bank noted that women now account for 46% of UBS's global client base, up from 45% three years ago and 40% a few years earlier, reflecting changing demographics and a steady shift in wealth ownership. According to UBS, these changes are expected to influence future investment decisions and capital allocation as a new generation of wealth holders emerges.
Women are expected to control an increasing share of global wealth through inheritance and changing ownership patterns, developments UBS believes will influence future investment decisions, capital allocation and wealth management strategies.
Responding to questions about the migration of wealthy individuals, UBS economists said taxation remains only one of several factors influencing relocation decisions.
While substantial tax increases may encourage some wealthy individuals to move, family ties, business interests, lifestyle preferences and emotional attachment to a country often outweigh purely fiscal considerations. The economists also noted that tax changes introduced by many governments in recent years remain relatively modest by historical standards.
Discussing Taiwan's rapidly expanding millionaire population, UBS said the country's strong semiconductor industry—led by Taiwan Semiconductor Manufacturing Company (TSMC)—together with robust equity market performance has supported significant wealth creation. However, it cautioned that future wealth growth will depend on developments in financial markets and the artificial intelligence sector rather than continuing automatically.
The UAE was ranked among the world's 30 wealthiest markets in 2025, with average wealth per adult reaching $157,612, as global household wealth expanded at its fastest pace since 2017.
The findings come as wealth management firms continue expanding their presence in the UAE, attracted by rising private wealth, growing family office activity and increasing numbers of high-net-worth individuals relocating to the country. Dubai and Abu Dhabi have strengthened their positions as regional wealth management hubs in recent years through regulatory reforms, investor-friendly policies and the continued expansion of international financial institutions.
UBS concluded that long-term wealth creation will continue to be driven by productivity, innovation, investment and participation in capital markets, while cautioning against placing too much emphasis on year-to-year fluctuations in wealth estimates because they are heavily influenced by market performance and valuation changes.
