We prove that the multiplicity of a filtration of a local ring satisfies various convexity properties. In particular, we show the multiplicity is convex along geodesics. As a consequence, we prove that the volume of a valuation is log convex on simplices of quasi-monomial valuations and give a new proof of a theorem of Xu and Zhuang on the uniqueness of normalized volume minimizers. In another direction, we generalize a theorem of Rees on multiplicities of ideals to filtrations and characterize when the Minkowski inequality for filtrations is an equality under mild assumptions.
