The report said resilient stock markets, rapid growth in artificial intelligence-related investments and stronger household finances played a major role in expanding wealth across the 56 markets covered by the study.
UBS economists said household wealth proved more important to the global economy than many analysts had anticipated during 2026. When oil prices climbed following conflict in the Gulf, there were concerns that higher energy costs would significantly reduce consumer spending. Instead, many households relied on savings accumulated in previous years while continuing to benefit from healthy financial positions.
The bank said this “wealth effect” helped support economic activity, as consumers with stronger financial security were more willing to maintain their spending despite higher living costs.
Artificial intelligence was identified as one of the leading contributors to wealth creation during the year. Rising valuations of technology companies lifted stock markets, benefiting countries with large technology sectors and high levels of equity ownership, including the United States, South Korea and China.
The report noted that while wealth increased across all markets studied, the largest gains were concentrated among high-net-worth individuals, who generally invest a larger share of their assets in equities and other financial instruments. UBS stressed that wealth creation is not limited to one group, saying households across different income levels can benefit from economic growth, although investment patterns often influence the pace of wealth accumulation.
The report also highlighted the ongoing “Great Wealth Transfer,” with trillions of dollars expected to pass from one generation to the next over the coming decades. UBS said women are expected to control an increasing share of global wealth through inheritance and changing ownership patterns.
According to the bank, women now account for 46% of its global client base, compared with 45% three years ago and 40% several years earlier. UBS believes this shift will increasingly shape investment decisions, capital allocation and wealth management strategies.
Addressing the movement of wealthy individuals across borders, UBS economists said taxation is only one factor influencing relocation decisions. Family connections, business interests, lifestyle preferences and personal ties often carry greater weight than tax considerations alone. They also noted that tax increases introduced by many governments in recent years have generally been modest by historical standards.
The report pointed to Taiwan’s growing millionaire population, supported by the strength of its semiconductor industry, led by Taiwan Semiconductor Manufacturing Company, and strong equity market performance. However, UBS cautioned that future wealth growth will depend largely on developments in financial markets and the artificial intelligence sector.
The findings come as wealth management firms continue expanding operations in the UAE, where Dubai and Abu Dhabi are attracting increasing numbers of high-net-worth individuals through investor-friendly policies, regulatory reforms and the growth of family offices. UBS said long-term wealth creation will continue to depend on innovation, productivity, investment and participation in capital markets, while noting that annual wealth figures remain closely linked to market performance.
