THE GLOBAL WEALTH REPORT 2025

The UBS Global Wealth Report 2025 paints a fascinating picture of how wealth is shifting across the globe and invites us to consider how specific places fit into the global story. Hawai‘i, for example, stands out with the highest median household net worth in the U.S. and some of the fastest wealth growth rates, making it a striking case within these global trends of how wealth is shifting across the globe. Now in its 16th edition, the report analyzes data from 56 markets representing over 90% of the world’s wealth. While the world continues to grow richer overall, the story is far from uniform. Here are some of the biggest takeaways you should know.

Global Wealth Levels – Solid but Uneven Growth

In 2024, global wealth rose 4.6%, following a strong rebound in 2023. But the gains weren’t evenly shared:

• North America and Eastern Europe led with growth of around 12%.
• Western Europe, Oceania, and Latin America actually saw declines.
• Together, the United States and China hold more than half of all measured global wealth, with the U.S. alone accounting for 35%.

Wealth Distribution – The Rise of the Everyday Millionaire

The Wealth Report shows that there are now nearly 60 million millionaires worldwide, holding about USD 226 trillion—almost half of all global wealth. This figure includes everyone from those just over the USD 1 million mark to the roughly 2,900 billionaires worldwide, who are counted as part of the millionaire cohort.

But the spotlight this year is on the Everyday Millionaire, or EMILLI—those with assets between USD 1–5 million. Their numbers have quadrupled since 2000 to 52 million, owning a combined USD 107 trillion. This mid-tier wealth group is quietly reshaping the financial landscape.

Not surprisingly, the United States dominates, with nearly 24 million millionaires—more than Europe and Greater China combined. Meanwhile, Switzerland and Luxembourg stand out for their density, where more than one in seven adults is a millionaire.

Inequality – The Wealth Gap Persists

While overall wealth continues to climb, inequality remains stark:

• Brazil, Russia, South Africa, and the UAE top the list with extreme inequality (Gini coefficient ~0.8).
• The United States also shows high inequality (0.74).
• On the other end of the spectrum, Slovakia is the most equal country in wealth distribution (0.38).

The report notes that wealth inequality is not static: it has risen in some regions (like the Netherlands and Austria) while falling in others (notably the United States, Thailand, and the UK).

Looking Ahead – A Great Wealth Transfer

The next 20–25 years will see a historic USD 83 trillion wealth transfer, with women set to inherit around USD 9 trillion through spousal transfers alone. By 2029, UBS projects:

• 5.3 million new millionaires, an increase of nearly 9%.
• North America and Greater China will remain the biggest engines of global wealth growth.

Hawai‘i in the Global Context

So how does Hawai‘i fit into this global wealth story? The islands stand out as one of the wealthiest corners of the United States by household metrics:

• Hawai‘i has the highest median household net worth in the U.S. (~$503,000), thanks largely to high property values.
• Around 9% of households are millionaires, one of the highest state-level concentrations in the country.
• Household incomes are strong (median ~$98,000, average ~$128,000), but affordability challenges loom—only about 20% of households can afford a median-priced single-family home.

In terms of wealth growth in 2024, Hawai‘i likely outperformed the U.S. average:

• Home prices rose sharply through 2024 (FHFA ranked Hawai‘i #1 with +10.4% YoY growth by late 2024).
• Equity markets were up ~25%, boosting household portfolios.
• Adjusting for Honolulu’s ~2.3% inflation, Hawai‘i’s estimated real wealth growth per adult was 10–13%, compared to ~7% for the U.S. overall.

This means Hawai‘i isn’t just wealthy by American standards—it is also growing wealth faster than many peers, aligning with UBS’s finding that North America is a global driver. At the same time, inequality pressures are visible: homeowners with property benefited most, while renters face steep affordability issues.

Takeway

This isn’t just about numbers on a balance sheet. Wealth trends affect everything from investment flows to real estate markets, political policy, and even cultural shifts. The report highlights that wealth is becoming a growing political issue—especially in an era of high government debt and rapid technological change.

For Hawai‘i, the stakes are particularly high: the state is riding the wave of global wealth creation but must contend with affordability, inequality, and the challenge of ensuring local families benefit alongside global investors.

Disclaimer: Data and figures in the Global Wealth Report are sourced from the UBS Global Wealth Report 2025. UBS owns the original report and all rights to its content. This blog offers an independent summary and commentary for informational purposes only and is not an official UBS communication. Data and figures for Hawai‘i are sourced from smartasset.com, kiplinger.com, incomebyzipcode.com, fhfa.gov, spglobal.com and bls.gov.