US gained 440,000 millionaires in 2025, UBS Reports

The United States added about 440,000 new millionaires in 2025, equivalent to roughly 1,200 new millionaires per day, according to UBS’s 2025 Global Wealth Report. Those gains accounted for nearly half of the roughly one million net new millionaires worldwide last year.

UBS reported the U.S. ended 2025 with more than 23.6 million millionaires, representing 41% of a global total of 57.5 million. China ranked second with just over 5.4 million millionaires, followed by Japan with 2.9 million, Germany with about 2.6 million, the U.K. with just over 2.4 million and France with just under 2.4 million.

Globally, the number of millionaires rose 1.5% in 2025, a change UBS said corresponds to nearly one million net new millionaires for the year, or more than 2,680 per day. The bank attributed the increase to strong investment returns, particularly in U.S. equities, rising values in nonfinancial assets and inflation that raised nominal asset values.

Robert Karofsky, co-president of UBS Global Wealth Management, wrote in the report that “global wealth rose for a third consecutive year — and at a notably stronger pace, with average individual wealth increasing at a rate far outstripping global economic growth.”

The report highlighted differences between average and median wealth. Average wealth per adult in the U.S. was $696,277 in 2025, second only to Switzerland at $910,382. On median wealth, the U.S. ranked 28th, with a median of $68,998 per adult. Luxembourg led on median wealth at $394,005 per adult. UBS reported about one in six adults in Luxembourg and about one in seven adults in Switzerland are millionaires.

High-net-worth and ultra-high-net-worth segments showed faster growth. In 2025 the U.S. had just over 4 million people with wealth between $5 million and $100 million, more than half of the roughly 7 million people worldwide in that bracket. UBS found the combined wealth of those with at least $5 million rose 343% since 2000. Expanding the threshold to include everyone with at least $1 million produces a 171% increase over the same period.

The report noted that many wealth management firms set client minimums well above $1 million and continue to target wealthier customers. UBS’s figures show rising asset values and investment gains increased the number of millionaires while wealth distribution and median outcomes differ across countries.