Germany's Millionaire Ranks Swell as Global Wealth Experiences Historic Surge

FRANKFURT – Germany's population of millionaires expanded significantly in 2025, solidifying its position as one of the world's leading nations for high-net-worth individuals. A new report by the consulting firm Capgemini reveals that approximately 1.78 million individuals in Germany held investable assets of at least $1 million last year, marking an 11.1 percent increase from the previous year. This surge aligns with a broader global trend, as booming equity markets and easing inflation fueled an unprecedented rise in worldwide wealth.

A Closer Look at Germany's Affluent Growth

The Capgemini World Wealth Report 2026, published today, highlights that the combined wealth of German high-net-worth individuals (HNWIs) grew by 12.7 percent to exceed $7.1 trillion, equivalent to approximately 6.1 trillion euros. This robust growth propelled Germany to maintain its third-place standing in the international rankings for millionaire populations, underscoring its enduring economic strength on the global stage. Globally, the number of people with investable assets of $1 million or more reached 25.3 million in 2025, an increase of nearly 2 million compared to 2024. The United States remained the clear leader, followed by Japan, with Germany placing ahead of China among the top four nations. Together, these four countries accounted for nearly two-thirds (65.7 percent) of all millionaires worldwide. The report defines HNWIs as individuals holding at least $1 million in investable assets, excluding their primary residence, art collections, and consumer durables such as cars and jewelry. These assets typically include stocks, bonds, alternative investments like private equity, and cash.

Economic Tailwinds Fueling the Expansion

The substantial increase in wealth across Germany and the globe is largely attributed to a combination of favorable economic conditions. Booming equity markets played a pivotal role, driving significant gains in investment portfolios. The Capgemini report specifically noted that strong corporate earnings and considerable advancements in the technology sector contributed to this equity market strength. Furthermore, easing inflation helped preserve and grow the real value of assets, contributing to the overall expansion of wealth. Europe, as a whole, experienced a rebound in its HNWI population, growing by 6.5% in 2025 after a decline in the preceding year, benefiting from stabilizing equity markets and reduced inflationary pressures. The growth was not limited to just millionaires; the population of Ultra-High Net Worth Individuals (UHNWIs), defined as those with investable assets of at least $30 million, also saw rapid expansion globally. This segment grew by 9.4 percent in population and 9.7 percent in wealth, demonstrating its status as the fastest-growing wealth segment for the second consecutive year.

Nuances in Wealth Measurement and Ranking

While Capgemini places Germany third globally in its 2026 report, other analyses offer slightly different perspectives, largely due to variations in methodology. The UBS Global Wealth Report 2024, for instance, indicated a higher number of millionaires in Germany for 2023, reporting 2.821 million individuals, an increase from 2.6 million in 2022. This report also ranked Germany fifth in terms of millionaire population, behind the USA, China, France, and Japan. The key difference lies in the definition of wealth: UBS includes both financial assets and tangible assets, such as real estate, while deducting debts. This broader inclusion of non-investable assets, particularly owner-occupied real estate, can significantly alter the total wealth and the number of individuals qualifying as millionaires. Looking ahead, the UBS report forecasts continued growth, predicting that the number of millionaires in Germany will increase by approximately 14 percent to 3.229 million by 2028. These differing metrics underscore the complexity of accurately quantifying wealth and highlight the importance of understanding the underlying criteria when comparing reports.

The Broader Societal Context: Inequality and Savings Culture

Despite the impressive growth in Germany's millionaire ranks, discussions surrounding wealth distribution and inequality persist. The Allianz Global Wealth Report 2024 noted a continued worsening of income and wealth inequality worldwide. In Germany, studies indicate that over 65 percent of net assets are inherited rather than earned through work, contributing to debates on wealth concentration and social mobility. The distribution of inheritances is notably uneven, with wealthy households typically receiving significantly larger bequests. Furthermore, inheritance and gift taxes in Germany are comparatively light, which can exacerbate wealth inequality.

Germany's distinct savings culture also presents an interesting dynamic. Germans are widely recognized for their high savings rate, with private households saving around 12 percent of their income in 2023. However, a significant portion of these savings often remains in traditional, low-interest accounts, rather than being invested in capital markets. This cautious approach, partly attributed to historical financial crises and a lack of financial education, means that many individuals may be missing out on potential wealth growth through investments. Experts suggest that while saving is prudent, a greater emphasis on strategic investment could unlock further wealth accumulation for a broader segment of the population.

The surge in Germany's millionaire population reflects a period of robust economic performance and favorable market conditions. While this growth signifies a prosperous segment of the German economy, it also draws attention to the ongoing discussions about wealth distribution, the impact of inherited wealth, and the nation's unique financial behaviors. The continued expansion of the affluent class, as highlighted by these recent reports, remains a significant factor in shaping Germany's economic and social future.