nominal for sure

Nominal USD. Some of their other figures are adjusted for inflation, but inflation was low in 2025, so it doesn't make much difference. Here is the full report. Always an interesting read.

Global Wealth Management

Global Wealth Report 2026

Leading insights into the creation and distribution of global wealth.

> Globally, only 1.5% of adults have $1 million or more, but that represents 48.4% of global wealth, or $250.6 trillion, within the 56 countries surveyed, which as Mazeau says, is biased toward the wealthiest nations. > Though the rate of growth in the number of millionaires continues to be striking, UBS shined a light on adults with wealth between $5 million and $100 million. There are now more than seven million people globally with wealth of that magnitude, with 4.1 million of those individuals in the U.S., UBS said. China ranks second with 516,000 individuals. > The ranks of these multimillionaires has expanded globally since 2000 in every bracket tracked by UBS as their collective wealth soared at a compound annual growth rate of 8.7% in nominal dollars, or 6.1% adjusted for inflation. The mere millionaires saw their wealth grow at an annual rate of 4% adjusted for inflation since the start of the millennium, UBS said. https://www.barrons.com/articles/soaring-financial-markets-millionaires-ubs-report-33cf3438