The United States leads the world in the growth of millionaires, adding 562,000 new high-net-worth individuals (HNWIs) in 2024, bringing the total to 7.9 million. Globally, the population of ultra-high-net-worth individuals (UHNWIs) – those with assets exceeding $30 million – rose by 6.2%. Wealthy individuals now allocate 15% of their assets to alternative investments, including private equity funds and cryptocurrencies.
This data comes from the 29th edition of the World Wealth Report 2025 by Capgemini, which reveals that the global population of HNWIs increased by 2.6% in 2024. The most significant growth was observed in the UHNWI segment, largely driven by strong stock market performance—especially in the U.S.—and the growing enthusiasm around artificial intelligence, which boosted investment returns. Alternative assets such as private equity and crypto have become a permanent component of wealthy individuals’ portfolios.
Poland’s Wealth Remains Modest but Reflects Global Patterns
At the end of 2024, Poland had 20,490 high-net-worth individuals. While this is far behind Western Europe, similar wealth concentration trends are observed: nearly half of Poland’s HNWI assets are controlled by just 2% of the group.
U.S. Bull Market Powers Wealth Creation
The main driver of wealth growth in 2024 was favorable interest rates and strong performance on U.S. stock markets. North America saw the highest regional increase, with the number of HNWIs growing by 7.3%. In contrast, Europe, Latin America, and the Middle East faced macroeconomic challenges that led to declines in their HNWI populations.
Key takeaways from the Capgemini data include:
- Europe: A decline of 2.1% in the number of HNWIs, with the UK, France, and Germany losing 14,000, 21,000, and 41,000 millionaires, respectively. However, UHNWIs in the region grew by 3.5%, indicating rising wealth concentration.
- Asia-Pacific: An increase of 2.7%, though growth varied significantly by country. India and Japan saw HNWI growth of 5.6%, adding 20,000 and 210,000 individuals, respectively. In contrast, China’s HNWI population shrank by 1%.
- Latin America: A sharp drop of 8.5%, largely due to currency devaluation and fiscal instability, especially in Brazil (-13.3%) and Mexico (-13.5%).
- Middle East: A decline of 2.1%, attributed to lower oil prices.
Generational Wealth Transfer Will Redefine Wealth Management
Over the next two decades, an estimated $83.5 trillion in wealth will transfer to the next generation, reshaping the HNWI landscape. By 2030, around 30% of HNWIs will have passed on their assets, increasing to 63% by 2035, and reaching 84% by 2040.
“This massive generational wealth transfer will be a turning point for the entire industry,” said Piotr Siuda, Vice President, Head of Financial Services, Capgemini Poland.
“Despite rising wealth globally, 81% of heirs plan to switch their wealth management firm within one to two years of inheriting assets. That’s a significant risk for the industry.”
Poland’s Wealth Profile: A Snapshot
At the end of 2024, Poland’s 20,490 HNWIs controlled a total of $72.19 billion in assets. The vast majority were classified as “millionaires next door” (assets of $1–5 million), with 18,320 individuals holding $34.04 billion. Another 1,980 people fell into the mid-tier millionaire category ($5–30 million), with combined assets of $19.39 billion. The UHNWI group in Poland comprised 170 individuals, collectively worth $18.75 billion.
“Although most Polish HNWIs fall under the $5 million mark, nearly half of all HNWI assets in Poland are held by just 2% of individuals,” noted Siuda.
New Values, New Expectations
The upcoming generation of HNWIs brings different expectations compared to their predecessors. This shift demands a departure from traditional wealth management models and a swift adaptation to emerging needs. Firms must also support advisors with advanced technologies—particularly AI-powered tools—to retain both clients and top talent.
As of early 2025, HNWIs were allocating 15% of their portfolios to alternative investments such as private equity and crypto. Millennials and Gen Z are particularly open to high-growth and niche assets: 61% invest in asset classes with higher risk and return potential.
To attract and retain younger clients, wealth management firms must rethink both product offerings and service delivery. The report highlights several key areas for transformation:
- Alternative Investments: 88% of advisors report that Millennials and Gen Z show much higher interest in private equity and crypto compared to Baby Boomers.
- New Service Hubs: Half of financial advisors cite the lack of local support structures in fast-growing financial hubs (e.g., Singapore, Hong Kong, UAE, Saudi Arabia) as a reason clients might shift to firms offering more diversification, better returns, and favorable regulations.
- Tailored Services: Clients increasingly expect concierge-style services—luxury travel, private healthcare access, and cybersecurity solutions are key elements of long-term client relationships.
- Digital Experience: Comprehensive digital platforms are considered the most important tools for serving young HNWIs, offering complete visibility into financial standing and personalized recommendations. AI-driven automation for tasks like meeting summaries or correspondence is also gaining importance.
Advisor Retention is Critical as Tech Gap Widens
The report also reveals that one in three financial advisors feels dissatisfied with their firm’s tech support, lowering their effectiveness and widening the tech gap between firms and clients. Moreover, 62% of younger HNWIs say they would follow their advisor if they changed firms—underscoring that client loyalty increasingly hinges on maintaining strong advisor relationships.
As a result, the wealth management sector must fundamentally rethink its approach to better serve a new generation of clients with evolving investment needs. The key to future success lies in intuitive, integrated digital ecosystems that boost advisor efficiency and loyalty, while meeting the expectations of younger, tech-savvy investors.
Methodology
The World Wealth Report 2025 uses a market sizing model covering 71 countries, accounting for over 98% of global gross national income and 99% of global stock market capitalization. The 2025 Global HNW Insights Survey included responses from 6,472 HNWIs, including 5,473 next-gen participants across the Americas, Europe, Asia-Pacific, and the Middle East. The 2025 Wealth Management Executive Survey gathered insights from 141 respondents across 10 markets, including banks, independent brokers, and family offices. Finally, the 2025 Relationship Manager Survey, conducted by Phronesis Partners, gathered 1,306 responses across 12 markets.
Source: ceo.com.pl
Report: World Wealth Report 2025, Capgemini
