France gained an extra 35,000 millionaires in 2025, claims Swiss bank

France gained an extra 35,000 ‘millionaires’ in 2025 according to a recent report by the Swiss bank UBS, an increase of around 1.5%. 

Growth came despite a sluggish economy (annual GDP growth was only around 0.9%) and various political crises, including the exceptional late passage of both the 2025 and 2026 budgets.

The number generally matches millionaire growth around the world, where nearly a million additional millionaires were recorded. 

Of these, around 440,000 were recorded in the US.

To equalise worldwide data, the UBS report uses $1 million dollars as its ‘millionaire’ benchmark, about €875,000. This means that not all millionaires in France necessarily have €1 million.

There are now more than 3,300 billionaires worldwide, whose wealth increased by 25% – higher than the average 10.8%. 

The number of global billionaires increased by around 13%, more than eight times as much as the number of millionaires.

A French report by the Observatoire des inégalités estimated that nearly two million households in France were millionaires.

A recent study claimed that a single person in France needs to earn €4,292 after tax to be considered wealthy, increasing significantly if in a couple or with children.

AI boost, but France lags in financial products

UBS classified millionaires based on total net worth — financial and non-financial assets such as property, minus any debts. 

Wealth growth in France came despite it performing poorly in a number of areas that typically produce high net wealth individuals.

Major factors cited by UBS include owning property, a defined contribution pension system, and tax policies that incentivise investment, areas where France lags behind other Western countries.

Investment, typically through financial products, is also a strong indicator, although only 47% of French wealth comes from this (compared to 80% in the US).

At the same time, France was one of six countries to benefit from an artificial intelligence boom, alongside the US, China, Japan, Germany, and the UK. 

France not among wealthiest nations

France also ranked as the 15th wealthiest country, with an average adult wealth of $341,359 (again US Dollars are used as a global equaliser). 

Switzerland was the richest country ($910,382), followed by the US ($696,277) and Luxembourg ($654,732). The UK ranked 21st, with an average wealth of $292,808.

When it came to median wealth however Luxembourg was far ahead ($394,005) followed by Belgium ($277,166) and Australia ($210,783). 

France was ranked 14th ($121,898) immediately behind the UK ($125,335). 

Tax debate 

The increase in millionaire numbers amid a growing debt crisis is set to reignite debates over taxation of the wealthy in France. 

France is currently levying the exceptional contribution différentielle sur les hauts revenus (CDHR), a tax on high-wealth households. 

The starting threshold for the tax is €250,000 in income (or €500,000 for a couple), and it acts as a top-up tax to ensure households are paying 20% of their household income in tax. 

It was levied in 2025 and will be again in 2026, but will need to be included in future budgets to continue being collected.

France abolished its wealth tax and replaced it with a property-wealth tax (impôt sur la fortune immobilière, IFI), levied on those whose properties are valued at €1.3 million or more. 

However, reports suggest several thousand households avoid the tax, including ‘millionaires’ who do not have the majority of their wealth tied up in property. 

Left-wing parties have called for the reintroduction of wealth taxes under various banners, as well as stricter ‘exit’ taxes that would tax money being moved outside of France. 

Such laws are unlikely to be passed however, unless left-wing groups obtain a majority of MPs in the Assemblée nationale, with these taxes routinely rejected by parties on the centre and right.