In 2025, nearly one million people worldwide joined the ranks of US dollar millionaires, with the US leading in absolute numbers. Eastern European countries, particularly Lithuania, saw the fastest percentage growth in new millionaires.
A UBS global wealth report indicates that while average wealth increased, median wealth declined in Australia and many other nations, highlighting a growing divide. Over 25,000 Australians became millionaires last year, yet middle Australia's wealth is going backwards, largely driven by housing.
UBS reported Q1 net profit of $3 billion, up 80% YoY, beating analyst estimates of $2.8 billion. The Swiss bank's CET1 capital ratio improved to 14.7%. CEO Sergio Ermotti called it a 'very strong quarter' with double-digit profitability growth across all businesses. The bank is on track to repurchase $3 billion in shares and flagged further buybacks by year-end. Shares surged over 5% in early trade.
UBS reported Q1 net profit of $3 billion, up 80% year-on-year and beating analyst estimates of $2.8 billion. The Swiss bank's CET1 capital ratio improved to 14.7%. Underlying pre-tax profits rose 54% to $3.9 billion, exceeding expectations. The bank repurchased $900 million in shares and remains on track for a $3 billion buyback.
