Everyday Millionaires Surge 400% Since 2000, Control $107 Trillion

The rise of the “Everyday Millionaire,” or EMILLI, is a significant trend reshaping the global wealth landscape. According to the 2025 edition of the UBS Global Wealth Report, EMILLIs, defined as individuals with assets between $1 million and $5 million, have grown from a niche segment to a global economic force. At the start of the millennium, there were just over 13 million EMILLIs worldwide. By the end of 2024, this number had surged to nearly 52 million, marking a more than fourfold increase in less than a quarter-century. Even after adjusting for inflation, the number of EMILLIs has more than doubled in real terms since 2000.

The collective wealth of EMILLIs is substantial. By the end of 2024, this group controlled approximately $107 trillion, over four times their total at the start of the millennium and nearly matching the $119 trillion held by those with more than $5 million in assets. This cohort now accounts for a significant share of global wealth, a trend visible nearly everywhere around the globe.

The report does not explicitly identify the factors driving the rise of the everyday millionaire, but general explanations are provided in the foreword by UBS Global Wealth Management’s Chief Economist. He notes that demographics and long-term asset price trends mean dramatic breaks in the allocation of wealth are rare. The report highlights several key drivers of the EMILLI boom, including real estate appreciation, broader access to financial markets, entrepreneurship and private business, and demographic shifts such as the great wealth transfer.

Real estate appreciation has been a significant driver of growing wealth, with sustained increases in property values across major markets. Broader access to financial markets, coupled with long-term growth in equities and mutual funds, has enabled more individuals to accumulate substantial portfolios. A global trend toward entrepreneurship and self-employment suggests many EMILLIs are business owners. The ongoing great wealth transfer, an estimated $83 trillion expected to change hands over the next 20–25 years, means more individuals are inheriting or receiving significant assets, often propelling them into the EMILLI bracket.

While the EMILLI trend is global, its pace and character vary by region. The United States remains the epicenter, with the largest number of EMILLIs and a culture that encourages investment in both real estate and financial markets. Growth has been robust in Europe and parts of Asia, particularly in countries where property values have surged and financial literacy has improved. The number of EMILLIs is also rising in emerging markets, though often from a lower base and with greater reliance on real estate than on financial assets. What unites EMILLIs is not a particular lifestyle or background, but the quiet accumulation of assets over time. As the number of EMILLIs grows, wealth is becoming more broadly distributed, though significant gaps remain between regions and within societies.

The UBS report projects more than 5 million new millionaires globally by 2029, suggesting that the number of EMILLIs will continue to climb as well. As asset prices rise and the great wealth transfer accelerates, the Everyday Millionaire will become an even more prominent feature of the global economic landscape.