Last year saw the U.S. stock market contribute to the creation of 562,000 new billionaires, according to a recent report.
The population of high-net-worth individuals in the country increased by 7.6%, reaching 7.9 million in 2024, significantly outpacing the global growth of 2.6%. This surge contributed to a worldwide count of billionaires hitting an all-time high of 23.4 million, based on findings from Capgemini’s World Wealth Report 2025.
High-net-worth individuals (HNWIs), defined as those possessing more than $1 million in investable assets, benefited from substantial returns in the U.S. stock market. This was backed by stronger-than-expected economic growth and an ongoing interest in technology and artificial intelligence stocks.
However, it’s essential to note the concentration of wealth, which has favored the ultra-rich.
Globally, the number of individuals labeled as “billionaires” (worth $1 to $5 million) grew by 2.4%. In contrast, the ultra-wealthy segment—those with over $30 million in investable assets—more than doubled, increasing by 6.2%.
The report pointed out that while ultra-HNWIs are resilient and can pursue high-growth opportunities during market fluctuations, their more modest neighbors tend to prioritize safer investments like fixed income and real estate.
Wealthy individuals continue to invest in traditional assets such as real estate, equities, and bonds, but there’s been a noticeable inclining toward alternative investments. This includes options like currency, private equity, and digital assets, which have steadily gained traction over the years.
As of January 2025, HNWI investors allocated 15% of their portfolios to alternative investments like private equity and cryptocurrency, an increase from 9% in 2018.
The report also mentioned a looming “money transfer”—projected to surpass approximately $83.5 trillion by 2048—from older generations to millennials and Generation Z.
Capgemini warned that these large transfers create both opportunities and significant risks for wealth managers.
“The next generation of high-net-worth individuals comes with very different expectations compared to their parents,” stated Kartik Ramakrishnan, CEO of Capgemini’s Financial Services Strategic Business Unit.
He emphasized the importance for asset management firms to transition from traditional strategies and empower their advisors with digital tools.
Meanwhile, outside the U.S., both India and Japan have shown robust growth, increasing their high-net-worth populations by 5.6% last year, which translates to 20,000 new billionaires in India and 210,000 in Japan. On the flip side, China’s HNWI numbers dropped by 1%.
In Europe, the high-net-worth population decreased by 2.1%, largely due to economic stagnation in key markets like the UK and Germany, while wealth also diminished in the Middle East and Latin America.
