In its 29th edition, the study reveals that this growth was driven by the rise in the number of multi-millionaires (UHNWIs), which grew by 6.2%, thanks to the performance of the stock markets and the optimism generated around AI, reflected in a strong increase in the profitability of investment portfolios. The study also shows that alternative investments, such as private equity and cryptocurrencies, now represent 15% of HNWI portfolios.

Positive US equity market

A supportive interest rate environment combined with a strong US equity market performance contributed to further wealth creation in 2024. North America saw the strongest growth, with the HNWI population growing by 7.3%. In comparison, Europe, Latin America and the Middle East saw declines due to the macroeconomic challenges they experienced during this period.

According to Capgemini, by the end of 2024:

• The HNWI population in Europe declined by 2.1%, due to economic stagnation in key countries.

• The UK, France and Germany lost 14,000, 21,000 and 41,000 millionaires respectively. However, the UHNW population in Europe grew by 3.5%, reflecting a greater concentration of wealth.

• The HNWI population in Asia-Pacific increased by 2.7%, with significant variability across countries in the region.

• Latin America saw a drop of 8.5%, due to currency depreciation and fiscal instability throughout the year. Brazil and Mexico saw the largest drops, -13.3% and -13.5% respectively.

• The Middle East saw a 2.1% decrease in the number of HNWIs, due to falling oil prices.

The US stood out among the largest markets with 562,000 millionaires, recording growth of 7.6%, and reaching a total population of 7.9 million. In Asia-Pacific, India and Japan both saw increases of 5.6%, with 20,000 and 210,000 millionaires respectively. China, on the other hand, saw a drop of 1.0%.

New Generation of HNWIs Seeks Wealth Management Firms That Align with Their Investment Priorities

Wealth management firms are preparing for a new era dominated by wealth transfers, which are estimated to reach $83.5 billion over the next 20 years, creating a generation of new millionaires. The study indicates that this transfer will occur in three phases: 30% of HNWIs will inherit their wealth by 2030, 63% by 2035 and 84% by 2040.

“This major transfer of assets will be a defining moment for the industry. Despite the global growth in wealth, 81% of heirs said they plan to change asset management firms within one to two years of receiving their inheritance. Losing these dissatisfied clients poses a significant risk to the industry,” said Kartik Ramakrishnan, CEO of Capgemini’s Financial Services Strategic Business Unit and Member of the Group Executive Board, emphasizing that: “The new generation of HNWIs has very different expectations than their predecessors.

As of January 2025, HNWIs had 15% of their portfolios invested in alternative assets, including private equity and cryptocurrencies. This indicates that this new generation is willing to take on more risk to grow their wealth wealth – 61% of millionaires from Generations Z and Millennials focus their investments on asset classes with the greatest growth potential and niche products.