The ranks of ‘everyday millionaires’ are growing. Guess which country leads.

Overall, the net worth of individuals rose 4.6% globally last year following a 4.2% gain in 2023, and a 3% drop in 2022, according to the firm’s 16th annual Global Wealth Report.

But the gains weren’t evenly distributed. Powered by a stable dollar and soaring stock markets, North Americans saw their wealth climb nearly 12% last year, but personal wealth fell in Western Europe, Oceania, and Latin America, according to a calculation that accounts for the population size of each region, the report said.

Among the three major markets of the world—the Americas; Europe, the Middle East, and Africa (EMEA); and Asia Pacific—gains in North America pushed its share of global wealth to 39.3% last year from 37.3% in 2023. APAC, with a 35.9% share of global wealth, and EMEA, with a 24.8% share, each lost one percentage point, UBS said.

Zooming out further, more than half of the wealth in the world can be found in the U.S. (35%) and mainland China (20%), largely because of the size of their populations. The two countries are expected to continue to drive wealth growth in the next five years.

The firm defines personal wealth as the value of an individual’s financial assets plus real assets, which is mostly housing, minus any debts. The report studied 56 markets worldwide, representing more than 92% of the world’s wealth.

UBS argues that an analysis of personal wealth over a year or even five years includes too many outliers to reveal clear trends. But a longer term view uncovers steady growth. According to the report, total wealth has risen at a compound annual growth rate of 3.4%—net of inflation—since the turn of the century.

During this 25-year span, as more people amassed wealth, the number of individuals with a net worth below $10,000 shrank. In 2024, those in the lowest bracket represented 41.3% of the global population, down from 75.2% in 2000.

At the same time, the numbers of “everyday millionaires,” those with investible assets between $1 million and $5 million, rose more than four times to 52 million individuals—nearly 40% of whom live in the U.S.—with total wealth of $107 trillion. That figure is nearly as much as the $119 trillion held by those with assets above $5 million, the report said.

Rising prices for real estate and exchange rate effects are behind the rising numbers of millionaires, a trend that’s evident globally. Last year, the number of millionaires grew by 1.2%; in the next five years, UBS is projecting their ranks will grow by 9%, or 5.34 million.

The 50-page report goes beyond broad brush conclusions to examine individual country and regional trends, too, surfacing some surprising details. Here’s one: almost a third of markets studied by UBS saw average real wealth per adult (minus inflation), expressed in local currencies, decline from 2020 to 2025. This happened in Switzerland, India, Italy, Qatar, the Netherlands and Mexico.

At the same time, average wealth per adult in South Korea soared 44%, while gaining 41% in Norway, 35% in Taiwan, and 27% in China. Russia, Singapore, and Brazil all gained between 23% and 26.5%, while the U.S. gained only 9% on average.

But UBS looked at median wealth levels in these markets, too, revealing those with a net worth in the middle of the wealth spectrum saw bigger gains than those at the top. In the U.S., for instance, median wealth soared 45% at the median over the past five years. Also striking: average wealth per adult in Mexico sank 18%, while rising 16% at the median.

Over the next five years, UBS forecasts personal wealth will grow by more than 20%. The report hedges a bit, noting that “the evolution of wealth has a mind of its own.”