00:0098 trillion dollars of wealth globally, ultra-high net worth individuals only represent 1% of the population, but they
00:07retain 35% of that total wealth.
00:15Hello and welcome to The Big Question, the series from Euronews, where we dive deep into the world of business
00:21and finance.
00:22I'm Stefan Groben, and today I'm joined by Gareth Wilson, Executive Vice President at Capgemini.
00:29Hi, thanks for coming on. Great to have you here.
00:31Thank you, Stefan. Great to be with you for today's Big Question.
00:35Now, Gareth, let's dive straight in. Capgemini recently published their World Wealth Report, looking at wealth distribution, millionaire populations, and
00:45the behaviors of high net worth individuals.
00:48So, tell us what's in the report. What are the most important takeaways?
00:52Well, Stefan, this is actually the 30th edition of our Capgemini World Wealth Report, and probably one of the key
01:01takeaways is that that absolute wealth and the number of individuals who retain that wealth continues to grow.
01:09I think we estimate that there's something like $98 trillion of wealth globally, and that's held by something like 25
01:16million individuals.
01:18But when we look at year 2025 versus 2024, we've seen that population grow at the fastest rate over five
01:26years.
01:27So, key messages are absolute wealth is growing, the number of high net worth individuals is growing, and actually we
01:35see that trend globally.
01:42Can you just quantify for us what makes a high net worth individual?
01:48So, we define a high net worth individual, Stefan, as an individual who has investable assets of greater than a
01:56million dollars, excluding their home.
01:58There are categories within that.
01:59So, if you've got between $1 and $5 million, we describe you as a millionaire next door.
02:04Between $5 and $30 million, we describe you as a mid-tier millionaire.
02:10And if you've got investable assets of greater than $30 million, you're an ultra high net worth individual.
02:17This is very much the kind of apex of the pyramid, as it were, Stefan.
02:22And those ultra high net worth individuals only represent something like 1% of the population, but they retain something
02:29like 35% of that total wealth.
02:31That is an amazing number.
02:33And what about these ultra high net worth individuals?
02:36Are they getting richer?
02:37They certainly are.
02:39You know, we've seen some continued growth in terms of their absolute wealth.
02:47I think at a global level, we've seen growth of something like 9% in 2025 versus 2024.
02:54We've also seen a little bit of a shift in terms of some of the elements of that wealth, Stefan.
03:01We've seen a move towards equities, so stocks and shares.
03:06We've seen a move towards fixed income assets.
03:10And we've seen probably a reduction in terms of the cash holdings.
03:13And that's an interesting point, because I think we view cash as a relatively conservative asset class.
03:20And we've seen these high net worth individuals move their investments to higher returns, but also potentially higher risk equities,
03:29stocks and shares.
03:30So they're now more millionaires and they're getting richer.
03:34What does that mean for the rest of us?
03:36Well, I think, you know, our focus has very much been on that high net worth individual population.
03:41And I think because of their assets and their appetite for investment, this should generate growth.
03:49This should generate economic value across the globe.
03:52I think we see that in terms of how some of the stock markets have responded.
04:00That period, 25 versus 24, we saw significant growth across many markets.
04:05And that's generating the wealth, but it's also generating the opportunity for reinvestment.
04:10And I think this investment should benefit the global economy.
04:14And the high net worth individuals represent a very significant element in that opportunity.
04:20I assume that this wealth isn't evenly spread across the world.
04:27Tell us about the geographic regions that have seen a boom, for instance.
04:32In the context of the overall trend being positive,
04:34I think the U.S., we've seen very material growth.
04:38I think the U.S. has something now like 8.7 million high net worth individuals.
04:42And that's grown at something like 9%.
04:45When we look at here in Europe, the total number of high net worth individuals is circa 6 million.
04:53And we have something that's seen growth in the region of 6%.
04:56So we've seen a little bit of a difference between the U.S. and Europe.
04:59The one exception this year was the Middle East.
05:02We saw a decline in terms of a high net worth individual growth of negative 2%.
05:08And, Stefan, for me, when we look at that in detail,
05:10that's probably more related to the oil price reduction in the Middle East.
05:15But the U.S. has grown very significantly.
05:17We have seen growth in Europe.
05:19And Asia Pacific continues to be positive.
05:21Is there a particular reason why the U.S. is growing and why Americans are accumulating more wealth?
05:28I suppose there's a number of factors here, Stefan.
05:30I think, you know, scale would be one.
05:32You know, the absolute population, as I say, there's 8.7 million high net worth individuals in the U.S.
05:39Their population is something like four times as big as our largest country here in Europe.
05:43I think their financial markets and their financial system are incredibly mature and also quite attractive.
05:51So we've seen a number of companies list on the New York Stock Exchange
05:55and take advantage of the kind of financial markets in the U.S.
05:59I think SpaceX probably being one of the most recent examples on that basis.
06:03We've also seen tech innovation.
06:06Silicon Valley, the West Coast, I think for a number of years now,
06:10has been recognized as a hub, a hotbed for innovation,
06:15a hotbed for technology advancement, technology investment.
06:19And in the current environment with AI being a very hot topic, Stefan,
06:24that continues to create a very conducive environment for investors
06:29and therefore a positive environment for these high net worth individuals,
06:33you know, to continue to prosper.
06:36Any hotspots in Europe?
06:37Now, we are here in Brussels, and I think, you know, when we look at Belgium as a country,
06:43I think their high net worth individual growth was something like 9% last year, which is good.
06:48Germany, where you're from, Stefan, actually even more positive at double digit.
06:53I think Germany grew somewhere in the region of 11% in our Capgemini World Wealth Report.
06:59This data, what does that tell you about the conditions in Europe?
07:03The environment in terms of what the European Central Bank has done with regard to interest rates
07:09has definitely created some more stability to enable investment.
07:13But we've also seen significant focus on innovation, whether it be sectors like defense,
07:19which is obviously, for differing reasons, Stefan,
07:23has seen a kind of a significant increase in demand
07:26because of some of the geopolitical challenges that we've seen
07:29and some of the wars we've seen around the world.
07:31But that is also generating growth within the local economies.
07:35It's generating equity performance
07:38and ultimately contributing to this growth within the high net worth individuals.
07:42All right. Gareth Wilson, the executive vice president at Capgemini.
07:46Thank you for breaking it all down for us.
07:48Thank you, Stefan.
07:50Thank you.
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