UBS Report: Asia’s Wealth Engine Loses Momentum
Asia-Pacific remains a global wealth powerhouse, but its momentum is fading. The region trailed all other major markets in wealth growth last year as currency effects weighed on asset values, according to UBS.
Global personal wealth surged by 10.8 percent in 2025, marking the strongest annual increase in several years. Strong financial markets and rising non-financial assets drove gains worldwide, but Asia-Pacific failed to keep pace with Europe, the Middle East and the Americas.
According to UBS’ Global Wealth Report 2026, wealth across Asia-Pacific increased by just 5.9 percent in US dollar terms, well below the global average and significantly behind Europe and the Middle East, where wealth expanded by almost 18 percent.
Currency Effects Weigh on Asia
UBS attributes much of the regional divergence to currency movements. The weakening US dollar significantly boosted the value of wealth denominated in European currencies, while many Asian currencies saw far smaller gains against the greenback.
Within Asia, Greater China recorded wealth growth of 4.6 percent, while Southeast Asia posted only 1.6 percent, making it the weakest-performing sub-region in the study despite continuing economic expansion.
As a result, Asia-Pacific’s share of global wealth fell from almost 36 percent in 2024 to 32.8 percent last year. By comparison, the Americas retained around 40 percent of global wealth, while Europe, the Middle East and Africa increased their share to 26.6 percent.
Millionaire Creation Continues
Despite the slowdown, Asia remains one of the world’s key wealth engines. UBS notes that the region continues to produce large numbers of high-net-worth individuals, particularly in Greater China and Southeast Asia.
Globally, nearly one million new US dollar millionaires were created in 2025, lifting the total to record levels. While the United States generated almost half of all new millionaires, Asia-Pacific also recorded a meaningful increase in wealthy individuals. Meanwhile, Mainland China remained among the fastest-growing markets for individuals with more than USD 5 million in investable wealth.
Two Markets Dominate Global Wealth
The report also highlights the continued concentration of global wealth. The United States now accounts for 35.7 percent of the world’s personal wealth tracked by UBS, while Greater China represents another 18.5 percent.
Together, the two markets hold more than half of all global personal wealth, underlining Asia’s continued strategic importance despite last year’s softer performance.
Wealth Gap Widens
While average wealth continued to climb worldwide, UBS warns that the benefits were unevenly distributed. Median wealth declined across most markets, suggesting that rising asset prices primarily benefited wealthier households.
The bank also points to a changing global wealth pyramid. Fewer adults now hold less than USD 10,000 in wealth, while the number of people in middle and upper wealth brackets continues to grow. However, this shift has coincided with widening wealth inequality, as the world’s richest households continue to pull further ahead.
