Millionaires in Germany climbed to 1.78 million in 2025, Capgemini finds
Millionaires in Germany rose to about 1.78 million in 2025, an 11.1% jump from 2024, driven by stock market gains, AI-related rallies and easing inflation, the Capgemini World Wealth Report reports globally.
Strong national increase in dollar millionaires
The number of dollar millionaires in Germany expanded markedly in 2025, reaching roughly 1.78 million people with at least $1 million in investable assets. That figure represents an 11.1% increase year‑on‑year and positions Germany as the third‑largest national concentration of millionaires worldwide and the largest in Europe. The report measures individuals who hold investable assets of at least one million U.S. dollars, roughly €860,000 at recent exchange levels.
Wealth of Germany’s richest climbs to $7.1 trillion
Capgemini’s analysis shows that the aggregate wealth of Germany’s wealthiest private individuals rose by 12.7% to approximately $7.1 trillion in 2025. The rise in asset values contributed to that gain, alongside lower inflation that helped purchasing power recover for investors. This growth pushed both the number of affluent households and the total private wealth in Germany to new highs compared with prior years.
Stock markets and AI rally cited as main drivers
The consulting firm attributes much of the increase to equity market performance, with gains linked in part to artificial intelligence–related investments and sectoral rallies. Across five of the six large geographic regions analyzed, equities were the primary engine of wealth accumulation for high‑net‑worth individuals. Capgemini also highlights the role of easing inflation, which amplified real asset growth after a period of high price pressures.
Global millionaire landscape shifts; U.S. still leads
Globally, the population of dollar millionaires rose to an estimated 25.3 million in 2025, an increase of almost two million people from 2024. The United States remained by far the largest home of millionaires, adding about 736,000 to reach roughly 8.7 million individuals. Japan recorded the second‑largest increase with 436,000 new millionaires, while China added some 154,000; together the four leading countries account for nearly two‑thirds of the world’s millionaires.
Ultra‑wealthy segment grows fastest and concentration persists
The report found that the ultra‑wealthy—those with investable assets of $30 million or more—grew at the fastest clip, rising about 9.4% year‑on‑year. Despite broad gains, wealth concentration remains pronounced: the top 1% of wealthy individuals hold an estimated 34.8% of the wealth tracked in the study. Analysts caution that rising totals at the very top can coexist with broader economic stressors for other groups, a dynamic that has implications for policy debates on inequality.
Scope, methodology and caveats in the World Wealth Report
Capgemini’s World Wealth Report compiles investable assets including equities, bonds, alternative investments such as private equity, cash and investable real estate when not owner‑occupied. It excludes primary residences, personal collections and consumer items such as cars, jewelry and other household goods. The findings draw on survey data from 6,510 high‑net‑worth individuals across 27 markets, along with responses from 144 wealth management executives and 1,317 client advisors, and employ market‑based valuation methods.
The figures reflect changes in asset prices and exchange rates and are subject to the limits inherent in survey‑based and market‑valuation approaches. Capgemini notes that regional disparities, differing tax regimes and varying levels of access to investment products influence both the number of millionaires and the reported totals. Observers say these methodological nuances should be borne in mind when comparing countries or tracking year‑to‑year shifts.
The rise in millionaires in Germany and worldwide underscores how equity market performance and technological investment themes can quickly reshape private wealth statistics. Policymakers, investors and wealth managers will be watching whether the 2025 gains prove durable or if shifts in monetary policy and market sentiment will moderate future growth.
