The number of wealthy people in the United States increases while it decreases in Europe.

While 2024 was a good year for the wealthy , it was more so for some than for others. Globally, the number of millionaires increased by 2.6% in 2024, according to the 2025 World Wealth Report, published Wednesday by the Capgemini Research Institute . The consultancy's report divides high-net-worth individuals (HNWIs) into three categories, depending on their financial assets, as their residences, collectibles, or durable consumer goods are not taken into account. The so-called near-millionaires are those with between $1 and $5 million; mid-tier millionaires have between $5 and $30 million; and ultra-HNWIs have over $30 million.

This latter group, 34% of the world's wealthy, grew the most last year, by 6.2%, while their total wealth increased by 6.3%. "2024 was a year of wealth concentration. UHNWIs remained resilient during market volatility, with greater exposure to high-growth opportunities, while near-millionaires focused on safer, lower-yield opportunities such as fixed income and real estate," the report states. The near-millionaire population, which accounts for 43% of the total, grew by 2.4%, and their total wealth increased by a "modest" 2.6%. Between the two groups are mid-tier millionaires, 23% of the wealthy, who "experienced an increase in their wealth and population compared to 2023 figures, growing by 4.3% and 4.2%, respectively."

Regional differences are also evident. North America recorded the largest gains, with a 7.3% increase in the high-net-worth population. Specifically, the United States emerged as the "undisputed leader," adding 562,000 millionaires, representing a 7.6% growth in its HNWI population to 7.9 million, "driven primarily by continued gains in the stock markets and a favorable interest rate regime."

On the other side of the spectrum is Europe, with 2.1% fewer wealthy people than in 2023, "due to economic stagnation in major countries. The United Kingdom, France, and Germany lost 14,000, 21,000, and 41,000 millionaires, respectively." However, the European UHNWI population increased by 3.5%, "reflecting greater wealth concentration." "External factors significantly influenced the performance of European stock markets. China's economic difficulties dampened international demand for luxury goods and automobiles, causing both sectors to close the year with declining results," the report reads.

There was also a decline, of 8.5%, among the wealthy in Latin America, "due to currency depreciation and fiscal instability," with Brazil (-13.3%) and Mexico (-13.5%) leading the losses. The decline (-2.1%) among HNWIs in the Middle East was smaller, a situation the report attributes to the drop in oil prices. In Asia-Pacific, meanwhile, the number of wealthy people increased by 2.7%, with India and Japan both recording 5.6% growth, while the number of Chinese millionaires fell by 1%.

The report devotes a section to the differences between generations when it comes to putting their money into action, something wealth managers should keep in mind, as it is estimated that $83.5 trillion will change hands, through inheritances, over the next two decades. According to the study, what has come to be known as the "wealth transfer" will unfold in three phases: 30% of HNWIs will have received an inheritance by 2030, 63% by the end of 2035, and 84% by 2040. "It is not surprising that baby boomers (those over 60) are primarily focused on preserving their wealth, ensuring it remains safe and stable for future generations. In contrast, next-generation HNWIs are willing to take greater risks to expand their wealth, allocating capital to higher-growth asset classes and demanding niche product offerings." By January 2025, HNWI investors allocated 15% of their portfolios to alternative investments, including venture capital and cryptocurrencies.