Global personal wealth expanded by 4.6% in 2024, reaching levels that reflect steady accumulation despite uneven regional performance. The Americas drove much of the gain, while other areas lagged, underscoring persistent disparities in asset values and currency effects. Investors should note the accelerating intergenerational transfers ahead, totaling $83 trillion over the next two decades.
The UBS Global Wealth Report 2025 analyzes 56 markets representing over 92% of worldwide wealth, providing data on trends through year-end 2024. Total personal wealth rose from the prior year's 4.2% increase, rebounding from a 3% drop in 2022. This acceleration stems from financial asset gains of 6.2%, outpacing non-financial assets at 1.7%, with debt levels stable.
Regional splits reveal the uneven path. The Americas posted 11.35% growth, lifting their global share to 39.3% from 37.3%. North America led sub-regions at nearly 12%, fueled by U.S. equity markets and a steady dollar. Eastern Europe matched this at 12.01%, benefiting from post-pandemic recovery. Greater China added 3.42%, Southeast Asia 2.67%, but Western Europe, Oceania, and Latin America contracted in USD terms—down 4.28% in Latin America due to currency depreciation.
Average wealth per adult highlights divides: $593,347 in North America, $496,696 in Oceania, $287,688 in Western Europe, but under $100,000 elsewhere, with Latin America at $34,694. The U.S. and mainland China alone hold over half of sampled wealth, amplifying their influence on global benchmarks.
Wealth distribution shows concentration. The U.S. has the most millionaires—over 22 million adults, or one in seven—followed by mainland China at 6 million. Billionaires number 2,891 globally. Median wealth offers a clearer equity lens: in the U.S., it rose sharply in 2024, outpacing average growth and signaling middle-class gains from housing and stocks. Across 56 markets, equality improved in 26 over five years, but gaps widen in emerging economies like India and Brazil.
A standout segment is EMILLIs—adults with $1-5 million in assets. Their count quadrupled to 52 million since 2000, holding $107 trillion, or 2.5 times in real terms versus the millennium start. This rivals the $119 trillion of those over $5 million. Real estate drives the surge, though currency swings can erase gains quickly, as seen in devaluing markets. Growth varies: robust in the U.S. and Europe, steady in Asia.
The great wealth transfer looms large. Over 20-25 years, $83 trillion will shift globally—$74 trillion vertically (parent to child), $9 trillion horizontally (spousal). The U.S. leads with $29 trillion, Brazil $9 trillion, China $5.6 trillion. Demographics matter, but so do savings rates and home ownership. Italy outpaces Japan despite smaller size, thanks to elder asset holdings. Women capture a slice: in the U.S., widows assume control over surviving spouses' assets, often facing surprises like undisclosed debts.
U.S. generational patterns inform allocation strategies. Baby Boomers (1946-1964) control $83 trillion net, nearly double Gen X's $42.6 trillion, due to cohort size and peak earnings. Younger cohorts tilt toward real estate (31.5% for Millennials) and private businesses (10.8%), versus Boomers' 29.4% in equities. Durables claim 13.3% for post-1981 births, reflecting early-life spending.
A UBS survey of 2,000 U.S. women with $1 million+ investable assets exposes inheritance hurdles. Eighty percent of inheritors faced issues, like unknown asset scopes. Among expectants, 74% admit unpreparedness—43% unseen wills, 32% unknown account locations. Yet 41% anticipate $1-5 million, 25% $5 million+. 🗣️ "Women often experience two wealth transfer events over their lifetimes," notes the report, urging early planning to avoid value erosion.
Looking ahead, projections signal sustained expansion. Average wealth per adult grows 3-5% annually through 2029, led by North America (near 5%) and Greater China. Total wealth compounds at 4-5% in key regions. Millionaires add over 5 million, driven by asset inflation and innovation, not just GDP. Eastern Europe and Latin America lag at 1-3%, but baselines offer upside for diversified exposure.
For investors, these dynamics favor broad indexing with regional tilts—U.S. equities for growth, emerging fixed income for yield. Monitor transfers: they boost liquidity in mid-tier assets, potentially pressuring valuations in real estate. Currency hedging remains essential outside the dollar bloc.
Paul Donovan, UBS Chief Economist, contextualizes: 🗣️ "Wealth finances investment, making it hugely important economically. But wealth also matters a great deal politically." Data challenges persist—exchange distortions, underreported assets—but trends hold: the under-$10,000 band shrinks, real CAGR at 3.4% since 2000.
Iqbal Khan and Robert Karofsky, UBS co-presidents of Global Wealth Management, emphasize execution: 🗣️ "Managing wealth in a dynamic environment demands strategic foresight and expert guidance from an advisor you can trust."
This report equips decisions with hard numbers, not narratives. Track asset mixes quarterly; rebalance toward EMILLI-friendly holdings like diversified REITs.