Asia-Pacific led global high-net-worth individual wealth growth for the second straight year in 2025, as strong stock market performance and semiconductor demand helped drive gains across the region, according to Capgemini’s World Wealth Report 2026.
HNWI wealth in Asia-Pacific rose 10.5%, the fastest among major regions, while the region’s millionaire population grew 9.4%, Capgemini said.
Japan and China were among the strongest performers, adding 436,000 and 154,000 millionaires, respectively. India and Australia also recorded gains, with HNWI populations increasing by 11,300 and 18,100.
Globally, HNWI wealth rose 8.7% in 2025 to a record $98.3 trillion, the largest single-year increase since 2018, as equity markets rallied and inflation eased.
The global millionaire population increased by nearly 2 million to 25.3 million individuals.
The US added 736,000 new millionaires, more than any other market, taking its HNWI population to 8.7 million.
Capgemini said ultra-high-net-worth individuals captured the largest share of gains, helped by exposure to a broader range of public and select high-performing private asset classes.
The global UHNWI population rose 9.4% to roughly 250,000, while their wealth grew 9.7%.
The report also pointed to rising competition in wealth management.
Only 19% of HNWIs worked with a single firm in 2025, down from 39% in 2019. About 88% said they use multiple wealth management firms to gain better access to alternative investments.
Equity allocations rose to 25% of HNWI portfolios as of January 2026, up three percentage points from a year earlier, while fixed income holdings increased to 20%.
Alternative investments declined to 12%, although 68% of HNWIs said they intended to increase exposure to private equity.
Capgemini said only 17% of HNWIs described their advisory experience as seamless and personalized, while 42% said they had to restate their goals and preferences multiple times to the same firm.
The report was based on surveys of 6,510 HNWIs, 144 senior wealth management executives and 1,317 relationship managers across major markets.