India’s households continue to rely mainly on property to build wealth, even as financial assets drove global wealth growth to its fastest pace in years in 2025, according to the UBS Global Wealth Report 2026. While strong financial markets lifted wealth across much of the world, Indian households continued to keep most of their wealth in non-financial assets such as real estate and land. The report found that financial assets account for just 25.8% of gross household wealth in India, far below the levels seen in many developed economies.
Globally, personal wealth rose 10.8% in US dollar terms in 2025, according to the UBS report. This marked the fastest annual increase in several years and more than doubled the growth recorded in both 2023 and 2024. Strong stock markets played an important role, but they were not the only reason behind the jump. Non-financial assets also gained value signalling broader improvements in wealth across households worldwide.
The report, however, makes it clear that the global picture was far from uniform. Wealth grew at different speeds across regions. Europe and the Middle East recorded the strongest gains, helped partly by a weaker US dollar that increased the value of assets when measured in dollar terms. Asia-Pacific recorded much slower growth despite remaining one of the world’s largest wealth centres.
According to the report, India continues to depend heavily on physical assets for wealth creation. Property, land and other tangible assets remain the backbone of household wealth. Financial investments such as equities, mutual funds, bonds and bank deposits occupy a much smaller share than in many advanced economies. According to the report, India’s financial assets make up only 25.8% of gross household wealth, making the country one of the most property-focused markets in the study.
Why do Indian households still depend more on property?
The report’s data suggest that Indian households have not shifted towards financial assets at the same pace as many other countries. This signals long-standing investment preferences where real estate has traditionally served as the primary store of wealth. Property often carries emotional and financial value for families, while many households also see land and housing as safer long-term investments.
The findings also show that India differs from countries where financial assets dominate household balance sheets. In several developed markets, stocks, retirement savings, investment funds and insurance products account for a much larger share of personal wealth.
UBS said 2025 marked “an extraordinary year for global wealth,” with personal wealth rising by more than 10%, driven by “strong financial markets and a notable increase in non-financial assets.” The bank also said the gains reflected “a broad uplift in living standards,” although the benefits did not reach everyone equally.
The report also found that average wealth increased across many markets, but median wealth declined in most of them. This means wealth growth remained concentrated among richer households, while many people saw much smaller gains. UBS said this shows a widening gap between the wealthiest individuals and the broader population.
A look at global wealth picture
The United States continued to dominate global wealth creation. Nearly one million new US dollar millionaires emerged worldwide during 2025, and almost half of them came from the United States alone. According to the report, the country added over 1,200 new millionaires every day during the year. Eastern Europe posted the fastest percentage growth in millionaires, while Western Europe and Asia-Pacific also recorded solid increases.
The report also found that the global wealth pyramid changed shape during the year. The share of adults with wealth below $10,000 continued to decline, while more people moved into middle and higher wealth brackets. About 1.5% of adults in the markets covered by UBS now hold more than $1 million in wealth.
Regional differences remained significant. Europe, the Middle East and Africa recorded wealth growth of 17.5% in 2025. The Americas followed with 8.5%, while Asia-Pacific grew by 5.9%, according to the report. UBS attributed part of Europe’s stronger performance to currency movements after the US dollar weakened against several major currencies during the year.
The United States also strengthened its position as the world’s largest wealth market. It now accounts for 35.7% of the personal wealth tracked by UBS. Greater China follows with 18.5%, while Western Europe accounts for just under 22%. Together, the United States and Greater China hold more than half of the global personal wealth covered in the report.
UBS chief economist Paul Donovan said wealth creation comes from productivity and investment but can also benefit from being “in the right place at the right time” during periods of major economic change. He added that lasting wealth depends on investment in personal skills and the broader economy rather than luck alone. Donovan also said, “People tend to think about their wealth relative to the wealth of others, rather than in absolute terms.”
The report also pointed to another long-term trend. Emerging markets increased their share of global wealth sharply over the past two decades, although that share has slipped slightly since reaching a peak in 2022. UBS said this signals the natural slowdown that often comes as emerging economies mature and their growth begins to resemble that of developed markets. India remains part of this group of emerging markets, but its household wealth profile continues to rely much more on physical assets than financial investments.
