Good news for UK millionaires
Key Points
- UK high-net-worth wealth rose 4.1% in 2025, with the millionaire population up 2.6%, according to Capgemini's World Wealth Report 2026.
- The FTSE 100 rose 21.5%, its strongest year since 2009, beating Wall Street on strength in mining, defence, and banking stocks.
- UK growth trailed the European average of 8.0%, with Germany up 12.7% and France up 4%.
- Global high-net-worth wealth hit a record USD 98.3 trillion, up 8.7%, the strongest expansion in five years.
- Tax changes and tighter fiscal conditions added market volatility in the UK toward year-end.
Wealth held by UK dollar millionaires rose 4.1% in 2025, according to Capgemini’s World Wealth Report 2026, as the FTSE 100 recorded its strongest annual gain since 2009.
The report found the UK high-net-worth individual population grew 2.6% over the same year, with the gains underpinned by a domestic equity market that outperformed Wall Street.
The FTSE 100 rose 21.5% across 2025, supported by strong gains in mining, defence, and banking stocks, the report stated. Citing reporting by The Guardian, Capgemini noted that the London market beat Wall Street to post its best FTSE 100 year since 2009.
Capgemini defines high-net-worth individuals as those holding at least USD 1 million in investable assets, excluding their primary residence, collectibles, and consumer durables.
The UK growth came against a backdrop of political and fiscal pressure. Capgemini reported that tax changes and tighter fiscal conditions contributed to market volatility, with firms and consumers delaying spending and investment toward year-end amid rising tax burdens and heightened uncertainty.
How the UK compared across Europe
The UK trailed the wider European average on wealth growth. Capgemini reported European high-net-worth wealth rose 8.0% in 2025 and the population increased 6.5%, a rebound from 2024 when wealth rose just 0.7% and the population declined.
Germany led the major European markets, with high-net-worth wealth up 12.7% and the population up 11.1%, supported by a DAX index gain of nearly 22%. In France, wealth increased 4% and the population grew 2.7%, with the CAC40 ending the year up 10.42%, the report stated.
Capgemini attributed the broader European recovery to stabilising equity markets and easing inflation, with the STOXX Europe 600 ending the year 16.66% higher.
Global wealth hits record high
Globally, high-net-worth wealth reached a record USD 98.3 trillion by the end of 2025, an increase of 8.7% and the strongest annual expansion in five years, according to the report.
The global high-net-worth population rose 7.9% to 25.3 million individuals. Capgemini reported North America posted 9.9% growth in wealth, while the Asia-Pacific region recorded the highest rate at 10.5%, fuelled by AI-linked technology demand.
South Korea’s KOSPI index surged 75.62% over the year, the highest equity index return globally in 2025, the report stated.
Capgemini said the figures were calculated using its proprietary Lorenz curve methodology, drawing on national account statistics from sources including the International Monetary Fund and the World Bank, with a market-sizing model covering 71 markets that account for more than 98% of global gross national income.
