The U.S. added 736,000 new millionaires last year, bringing the total to a record 8.7 million, according to Capgemini's World Wealth Report 2026. This marks the highest number of millionaires since the firm began tracking wealth trends three decades ago. The surge was primarily driven by strong stock market performance, with the S&P 500 and Nasdaq Composite Index rising 18% and 21%, respectively, in 2025. Wealthy Americans also increased their equity allocations by 5 percentage points, boosting their portfolios.
Core Facts
- The U.S. now has 8.7 million millionaires, up from 8 million in 2024.
- Stock market gains and increased equity allocations fueled the rise in millionaire wealth.
Deeper Dive & Context
Global Wealth Trends
The global millionaire population grew by 7.9% to 25.3 million in 2025, with total wealth increasing by 8.7% to $98.3 trillion. The ultra-wealthy, defined as those with $30 million or more in investable assets, saw even stronger growth, with their population rising by 9.4% to 250,000. These individuals now hold 35% of all millionaire wealth.
Wealth Disparity
The rise in millionaires underscores a widening wealth gap in the U.S. Households earning below $50,000 a year are increasingly pessimistic, while those earning above $100,000 are more confident. This divergence is driven by lower-income households' concerns over rising gas prices and inflation, while higher-income households benefit from surging stock prices and investment wealth. Roughly half of Americans lack access to a retirement plan, leaving them vulnerable to economic pressures.
Investment Strategies
The ultra-wealthy benefit from access to higher-returning private investments, such as pre-IPO opportunities and private markets, which are not available to most millionaires. This access contributes to the growing wealth gap between the ultra-rich and other millionaires.
Demographic Insights
While Capgemini did not collect demographic data on U.S. millionaires, other research suggests that the typical newly minted millionaire is a Gen Xer or baby boomer with much of their wealth tied up in real estate and investments.