Luxembourg tops the European millionaire rankings

According to the latest World Wealth Report, compiled by the consultancy firm Capgemini, the number of high-net-worth individuals worldwide rose by 7.9% in 2025, reaching 25.3 million. The firm’s experts define this category as individuals with investment assets worth more than $1 million, excluding the value of their primary residence. 

The combined wealth of dollar millionaires rose by 8.7% to a record $98.3 trillion, marking the strongest annual increase since 2018. Analysts emphasise that the key driver of wealth accumulation was the stock markets, which delivered high returns against the backdrop of the technology boom surrounding artificial intelligence. Alongside the overall growth in figures, there remains a high concentration of wealth globally: just 1% of all millionaires hold 34.8% of all global assets.

Factors driving global growth

Despite the introduction of US tariffs, Wall Street indices rose by between 13% and 20%, driven by interest rate cuts by the US Federal Reserve and the buzz surrounding the microchip sector. In Europe, investors actively shifted funds into the defence industry and Germany’s large-scale government investment programmes. Against this backdrop, the Frankfurt stock exchange rose by 23.01%, Paris by 10.41%, Milan by 31.46% and London by 21.51%.

The Asia-Pacific region saw the most rapid growth in the number of high-net-worth individuals, with the figure rising by 9.4% thanks to the semiconductor industries in Japan and China. North America came second with growth of 9.1%, with the US accounting for the largest absolute increase, adding 736,000 new millionaires, bringing the total number in the country to 8.7 million.

The Luxembourg Phenomenon

The European market has recovered from the downturn of recent years and has seen an average increase of 6.5% in the number of millionaires. Luxembourg has become the undisputed leader on the continent: the number of wealthy residents in the Grand Duchy jumped by 13.5% in one go. The country outperformed Germany, which recorded growth of 11.1%, and significantly outpaced France, where this figure rose by just 2.7%.

At the same time, growth in Africa stood at 4.1%, whilst in Latin America it was a modest 0.3%. The only macro-region to show a decline was the Middle East, where the number of millionaires fell by 1.4% under pressure from falling oil prices. At the same time, the category of ultra-high-net-worth individuals, with assets of $30 million or more, grew by 9.4% worldwide, reaching approximately 250,000 people. This study was based on a January survey of 6,510 high-net-worth individuals in the Americas, Europe, the Asia-Pacific region and the Middle East.