McKinsey: Global households got $40 trillion richer in 2025 as the paper wealth economy swelled to $1.8 quadrillion

Global households gained $40 trillion in 2025, raising total net worth to $570 trillion, driven primarily by equities rather than real capital formation. The U.S. and Australia saw significant wealth growth, while China's expansion relied on corporate debt accumulation. The report highlights risks of an imbalanced 'paper wealth' economy dominated by AI-linked stocks and divergent financial strategies between major economies.