Nearly 2 million people will become millionaires by 2025 thanks to stocks

On June 4, consulting firm Capgemini released its Global Wealth Report, showing that the number of millionaires last year increased by 1.85 million, or nearly 8%, to 25.3 million. Total assets of this group increased by 8.7%, to 98,300 billion USD. This is the fastest growth rate in the past 5 years.

The US continues to be the main driving force driving the growth in the number of global millionaires. According to the report, the world’s largest economy added 730,000 new millionaires last year, bringing the total number represented to 8.73 million. This group’s assets increased by nearly 3,000 billion USD, to 31,300 billion USD.

Asia also recorded strong growth, with total assets and the number of millionaires increasing by 10.5% and 9.4%, respectively. China and Japan are in the leading group, adding 436,000 and 154,000 millionaires, respectively.

In Europe, the number of millionaires increased by 6.5%. This figure in Latin America was 0.3%, while the Middle East decreased by 1.4%.

Capgemigni said the acceleration of the global stock market, especially AI-related stocks, is the main driving force pulling the wealth of the rich up. Last year, the S&P index of the US stock market increased by more than 16%. The Korean stock market also corrected by 76%. Semiconductor industry stocks pulled Taiwan (China) market up.

Millionaires around the world are increasing the proportion of stocks in their investment portfolios. Last year, they allocated an average of 25% of their portfolios to stocks, up from 22% in 2024, largely thanks to strong stock markets.

The proportion of cash decreased from 26% to 24%. In contrast, the proportion of assets paying fixed income (such as bonds) increased from 18% to 20%, while real estate remained unchanged at 19%.

The increase in stock holdings and decrease in cash shows that millionaires still maintain a risk-taking mentality. After three consecutive years of markets recording double-digit gains, many investors are more afraid of missing out on the market’s rise than losing money.

“Positive developments in the stock market are encouraging cash flow to shift from low-risk investments to higher-risk groups,” said Gareth Wilson, head of global banking at Capgemini.

The number of people in the super-rich group (with $30 million or more in assets) will also increase by 9.4% in 2025, to 250,000 people. Their total assets increased by 9.7%. This group currently accounts for only 1% of the world’s millionaires, but holds 35% of total assets.

Wilson believes that one of the reasons why the super-rich are increasing their assets faster is their ability to access high-yield investments. “They have access to investments and opportunities that even ordinary millionaires don’t have, from pre-IPO deals to private investment markets,” Wilson concluded.