U.S. Millionaire Surge in 2025 Highlights Growing Wealth Gap

UBS’s Global Wealth Report 2026 says over 440,000 Americans crossed the $1 million net-worth line in 2025—about 1,200 per day—accounting for nearly half of the global increase. The United States now holds 23.6 million millionaires, surpassing the total of the next nine leading nations.

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UBS reports average adult wealth in the United States rose about 10 % since 2020, while inflation-adjusted median wealth fell nearly 20 % in the same period, indicating that rising asset prices can generate new millionaires without boosting typical household wealth as reported by UBS.

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Financial assets—stocks and bonds—constitute 79 % of U.S. private wealth, the highest share among 56 surveyed nations. Average adult wealth in the United States is $696,277, second only to Switzerland’s $910,382, while median adult wealth is just under $69,000, placing the U.S. 28th globally. Luxembourg and Switzerland have the highest millionaire density, with more than one in eight adults worth at least $1 million. Nearly 90 % of global millionaires hold net assets of $5 million or less; the United States accounts for about 60 % of adults in the $5-$100 million wealth bracket.

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The surge in millionaires coincides with a widening wealth gap. While stock and property gains have produced many high-net-worth households, median wealth remains low, showing limited benefit for most Americans and highlighting the uneven distribution of recent gains.

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UBS notes that future wealth will depend on access to investable assets and portfolio diversification. The report defines wealth as financial and real assets owned by individuals, minus debts. It also points out that global personal wealth grew over 10 % in 2025, while median wealth fell in most markets.

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Analysts cite the report’s comment that “the rise in U.S. millionaires masks how unevenly wealth has grown.” The gap between rising average wealth and falling median wealth underscores a “growing divide between the wealthiest and the broader population,” prompting concerns about equity and the durability of asset-price-driven growth.

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• “While global wealth is likely to continue growing, outcomes will increasingly depend on access to investable assets and the ability to diversify, shaping how widely future gains will be shared,” — UBS

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• “a growing divide between the wealthiest and the broader population.” — UBS

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• “millionaires masks how unevenly wealth has grown.” — NewsNation

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• “has risen nearly 10%, while median wealth has fallen almost 20% once inflation is taken into account, UBS said.” — UBS

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