High-net-worth individuals (HNWIs), defined as those with $1 million or more in investable assets, benefited from double-digit returns in the U.S. stock market, resilience fueled by stronger-than-expected economic growth and sustained enthusiasm for artificial intelligence and tech stocks.

It was also a year of wealth concentration, with the ultra-rich emerging as the clear winners.

Globally, the number of so-called “millionaires next door” — individuals worth between $1 million and $5 million — grew by 2.4 percent. Meanwhile, the ultrawealthy population — those with investable assets of $30 million or more — grew more than twice as much, at 6.2 percent.

“Ultra-HNWIs remained resilient during market volatility with greater exposure to high-growth opportunities, whereas Millionaires Next Door focused on safer, low-yield opportunities like fixed-income and real estate,” the report reads.

The wealthy continue to favor traditional investments like real estate, stocks and fixed income assets, but alternative investments like currencies, private equity and digital assets have gained traction in recent years.

As of January 2025, HNWI investors parked 15 percent of their portfolios in alternative investments, including private equity and cryptocurrencies, up from just 9 percent in 2018.

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