Entering 2025, global wealth stands at an all-time high of approximately $600 trillion, a figure that highlights how the world has never been richer on paper. But beneath this record total lies a story of deep concentration, evolving regional players, and growing gaps between asset holders and wage earners.
The McKinsey Global Institute estimates that broad balance-sheet wealth, which includes real estate, financial assets, and more, reached a historic $600 trillion as 2025 began. At the same time, Boston Consulting Group reports financial assets alone hit $305 trillion in 2024, fueled by buoyant equity markets and investor optimism.
Recent growth rates underscore this momentum: UBS found global wealth grew 4.6% in 2024, up from 4.2% in 2023, while BCG notes net wealth (assets minus liabilities) rose 4.4% last year, slightly below the five-year average of 5.1%.
For two decades, North America has dominated private financial assets, holding nearly half of the global total. Yet China’s share has quintupled since 2004, now representing roughly 15%, largely at the expense of Western Europe and Japan.
Behind these averages, regional contributions to global financial asset growth tell a clear story:
UBS projections indicate average wealth per adult will keep rising most rapidly in the United States, Greater China, Latin America, and Oceania over the next five years, signaling a shifting center of gravity toward emerging markets.
McKinsey’s global balance sheet analysis reveals much of the recent increase in wealth comes from asset price increases funded by a proliferation of debt, rather than new saving or productive investment. This reliance on capital gains raises questions about sustainability and broad-based economic benefit.
When asset values grow faster than GDP, households without significant holdings fall further behind. Real estate booms and equity rallies disproportionately reward existing asset owners, making wage growth the only path for most to narrow the gap.
Advanced economies have seen private wealth hit record highs, while public balance sheets have weakened. North America’s public wealth is now negative as a share of national wealth, and Europe’s has fallen near zero.
By contrast, East Asian economies maintain public wealth levels around 25–30% of national wealth, reflecting a more state-capitalist balance sheet. This divergence shapes how regions weather shocks and invest in future growth.
Global inequality remains stark. Allianz reports the richest 10% hold 85.1% of all wealth, underscoring how rising asset values concentrate wealth. In most countries, the top 1% own a growing share of financial assets, while middle- and lower-income households see their balance sheets eroded by debt and stagnant wages.
The geography of wealth is likewise hardening. Convergence between advanced and emerging markets stalled after 2016, and in many regions the gap remains staggering. While Latin America and Asia-Pacific have seen strong organic growth in wealth management markets, mature economies risk falling further behind.
Looking ahead, policymakers and investors must focus on:
As the world navigates these trends, the story of wealth creation will be defined not just by numbers, but by the capacity of societies to spread opportunity and build sustainable prosperity across all regions and demographics.
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