The latest installment of Capgemini’s World Wealth Report portrays a wealth management sector experiencing significant momentum from strong market conditions, while highlighting key areas where firms must evolve to meet sophisticated client expectations. This update draws on surveys involving high-net-worth individuals, executives, and frontline relationship managers to assess shifting priorities in investments, service delivery, and technology integration.
Global HNWI wealth posted an 8.7% rise in 2025, attaining an all-time high of $98.3 trillion—the largest yearly increase recorded since 2018.
Concurrently, the worldwide population of millionaires grew by 7.9%, adding almost two million new individuals to reach 25.3 million.
Growth patterns differed across regions, with Asia-Pacific posting the highest wealth increase at 10.5%, supported by technology-oriented equities.
The United States welcomed 736,000 additional millionaires, bringing its total to 8.7 million.
Europe achieved an 8.0% expansion, whereas the Middle East experienced a modest 1.5% decline amid energy market fluctuations and regional uncertainties.
Ultra-high-net-worth individuals represented the quickest-expanding group for the second year running, with their numbers climbing 9.4%.
The report also documents increasing diversification in client relationships. The share of HNWIs who rely on one wealth provider has declined sharply from 39% in 2019 to only 19% in 2025.
A large majority—88%—of those maintaining multiple relationships do so to gain better exposure to alternative investment opportunities.
Over the period from 2022 to 2025, alternative providers such as fintech platforms, family offices, and automated advisory services have attracted roughly $1.5 trillion in assets previously held by conventional managers.
Personalized service remains a critical shortfall. Just 17% of HNWIs characterize their interactions with advisors as fully integrated and customized to their unique circumstances.
In contrast, 42% indicate they must frequently reiterate personal objectives and risk profiles, even when dealing with the same institution.
This shortfall is particularly pronounced among younger, next-generation clients, who demand more comprehensive, digitally enabled support that addresses lifestyle and legacy considerations in addition to traditional portfolio management.
Relationship managers continue to struggle with workload distribution, devoting approximately 41% of their hours to administrative and operational duties rather than value-adding client engagement.
A significant 76% express strong support for artificial intelligence solutions to streamline these tasks, and 61% call for more cohesive collaboration frameworks involving specialists in various domains.
Positive client experiences yield clear business benefits. More than half (53%) of highly satisfied HNWIs actively refer their provider to others, while 47% increase their asset allocations with the firm.
Artificial intelligence stands out as a pivotal enabler. When properly implemented, AI tools have the capacity to liberate up to 50% of relationship managers’ time, allowing greater focus on strategic counsel and forward-looking, individualized strategies.
Portfolio compositions reflect growing confidence, with equities now comprising 25% of typical HNWI holdings, though appetite for real assets and alternatives shows notable geographic and generational differences.
Capgemini’s World Wealth Report illustrates an industry full of potential yet challenged by client fragmentation and heightened service standards. Wealth managers that now effectively combine digital capabilities with personalized human interactions will be well positioned to build loyalty and capitalize on the ongoing expansion of global private wealth.