The AI-fueled stock market rally is minting millionaires at its fastest pace in four years.

The finding from consulting firm Capgemini should bring some cheer to Wall Street’s wealth managers.

The number of high-net-worth individuals, or those with $1 million or more in investable assets, rose by 2 million to 25.3 million through 2025. Over a third of them live in the US. Total wealth in the hands of these people rose 8.7% year over year to $98.3 trillion, according to Capgemini’s yearly wealth report.

This marks the fastest growth in the number and wealth of high-net-worth US individuals since 2021. Above all, it’s driven by AI-related stock market gains, per Luca Russignan, global head of the Capgemini Research Institute for Financial Services.

“AI-driven return has been the single most important structural driver of equity performance,” said Russignan.

Globally, stock allocation in these millionaires’ portfolios increased 3 percentage points last year to 25%. In the US, the stock allocation grew 5 percentage points, accounting for 27% of their total portfolio.

The report comes as investors await a string of mega AI IPOs coming down the pike this year. Their sheer size will serve as an unprecedented test of investor enthusiasm for AI.

IPOs for Elon Musk’s SpaceX (SPAX.PVT), which includes AI firm xAI, along with AI model makers Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT), are expected to shatter public listing records. SpaceX revealed Wednesday that it plans to list 555,555,555 shares at $135 per share, raising $75 billion.

At the same time, the stock market’s biggest giants are opening their wallets to fund chipmaking, data centers, and other AI infrastructure. This week, Google parent company Alphabet (GOOGL) raised $85 billion in a massive follow-on equity deal.

“We are definitely in a moment where there’s more greed than there is fear,” David Solomon, CEO of Goldman Sachs, said during a Tuesday interview hosted by the Economic Club of New York. Goldman is serving as a key bank in several of these deals.

Solomon argued there’s enough liquidity and enthusiasm across the stock market to support the mega deals, saying when capital is available and needed he advises clients to “take the capital.” Additionally, gains generated by these deals could create reinforcing “flywheel” events in themselves.

“You’ve got a lot of people that have made a lot of money, and a bunch of these companies, and they’re going to be monetizing and reinvesting that into the system, into other things, and paying taxes … on those gains,” Solomon said.