A booming year for global stock markets did something that does not happen often: it created millionaires by the million. According to the Capgemini Research Institute’s World Wealth Report 2026, published Thursday in Paris, the world added nearly 2 million new millionaires, pushing the global total to 25.3 million people. That was a 7.9% jump in a single year.

The reason was straightforward. Stock markets around the world climbed sharply, and inflation cooled at the same time. Strong company profits — especially in the technology sector — lifted the value of the investments that wealthy people already hold. As those portfolios grew, more people crossed the line into millionaire territory. Capgemini counts a millionaire as anyone with at least $1 million in investable assets, excluding their primary residence, vehicles, and collectibles.

The United States led the world by a wide margin. The report found the U.S. added 736,000 new millionaires, more than any other country, bringing its total to 8.7 million. That reflects how much of American household wealth is tied to the stock market, where rising markets can lift large numbers of investors at once.

In total, the combined wealth of the world’s millionaires reached a record $98.3 trillion, an 8.7% increase from the year before. Capgemini, which has tracked global wealth for three decades, called it the largest annual increase since 2018.

But the headline number hides the more revealing finding: the richest of the rich grew their fortunes fastest, and the gap between them and everyone else widened.

The report separates ordinary millionaires from what it calls ultra-high-net-worth individuals, people with $30 million or more in investable assets. That group grew 9.4% to roughly 250,000 people, and their combined wealth increased 9.7%. It was the fastest-growing wealth segment for the second consecutive year.

Here is the striking part: these ultra-wealthy individuals represent just 1% of all millionaires, yet they control 35% of all millionaire wealth worldwide.

Why are the very wealthy pulling away? Gareth Wilson, who leads Capgemini’s global banking practice, pointed to access. The richest investors can participate in private deals — the kinds of high-return opportunities often unavailable to smaller investors. While someone with $1 million may primarily rely on public stocks and bonds, someone with $30 million can gain exposure to private equity, private credit, and other investments that have frequently outperformed traditional markets.

That access gap is showing up in investor behavior. The report found that 88% of wealthy individuals now work with more than one wealth management firm, largely to gain access to better private-investment opportunities. Meanwhile, 68% said they expect to increase allocations to private equity over the next year.

For most wealthy investors, however, traditional stocks did the heavy lifting. The share of portfolios held in equities rose to 25% as of January 2026, up three percentage points from a year earlier. Bonds also delivered their strongest returns since 2020, while many alternative investments lagged behind as stock markets continued to outperform.

So what does a report about millionaires have to do with everyone else?

Quite a lot. The report underscores where wealth is being created and how. The single biggest engine of wealth creation was ownership of financial assets, particularly stocks. Households that owned shares — whether through retirement accounts, brokerage accounts, pensions, or company stock plans — generally saw their wealth rise. Households without market exposure largely missed the gains.

That divide helps explain why a rising stock market can propel some families into millionaire status while leaving others largely unchanged.

The report also highlights a growing shift in the business of managing wealth. Nearly three out of four financial advisors surveyed said they want artificial intelligence to handle routine administrative work, allowing them to spend more time serving clients. Wealth management firms are increasingly investing in automation as competition intensifies for a growing pool of affluent investors.

The broader takeaway is clear. Rising markets and easing inflation rewarded people who already owned assets. Those with the largest portfolios benefited the most, and those with access to private investments gained even more. The millionaire club got bigger. It also became more concentrated at the top.

Wall Street — JBizNews Desk

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