UBS estimates the United States had 441,078 more millionaires at the end of 2025, almost half the increase across 56 markets, even as median U.S. wealth remained far below the average.
The 1.9% rise brought the estimated U.S. total above 23.6 million. More than 40% of the roughly 57.5 million millionaires in the markets UBS studied lived in the United States. The bank published the figures June 30 in its Global Wealth Report 2026.
The millionaire count gives one view of U.S. finances. UBS put average wealth at $696,277 per adult, the second-highest figure among its markets. Median wealth was $68,998 per adult, ranking 28th. The median marks the midpoint of the distribution, while large fortunes can pull the average higher.
UBS defines wealth as financial and nonfinancial assets, including housing, after debts are subtracted. Its figures compare estimated populations at two year-end points. The increase of 441,078 is a net change, rather than a count of people identified as first-time millionaires.
Financial assets represented 78.9% of U.S. gross personal wealth in 2025, UBS estimated. In the Federal Reserve’s Financial Accounts, U.S. households and nonprofit organizations held $64.5 trillion in corporate equities, directly and indirectly, at the end of 2025. That was up from $55.2 trillion a year earlier.
Neither measure establishes how many people crossed the $1 million threshold because of stock gains. Financial assets include more than equities. Federal Reserve analysis shows that higher-income households hold a disproportionate share of stocks, making the effects of changes in share values uneven across households.
UBS linked broader wealth growth in 2025 to financial markets and higher values for nonfinancial assets. It also cautioned that revisions to its data and methods prevent direct comparisons of millionaire counts across editions of the report.
The Federal Reserve’s next Financial Accounts release, covering the third quarter of 2026, is scheduled for Dec. 10.
