A report by New World Wealth and Henley & Partners reveals a 95% surge in the global population of crypto millionaires over the past year, driven by the growth of spot Bitcoin Exchange-traded funds and other cryptocurrencies.
Henley and Partners released findings from their research, identifying the driving force behind the significant rise in crypto millionaires and detailing the growth rates of various categories within this demographic.
“There are now 172,300 individuals worldwide holding over USD 1 million in crypto assets — a 95% increase compared to last year — with the number of Bitcoin millionaires soaring by 111% to 85,400, according to the Crypto Wealth Report 2024 published by leading international wealth and investment migration specialists Henley & Partners.
The total market value of crypto assets has surged to USD 2.3 trillion, a 89% increase from last year’s USD 1.2 trillion. This growth is also reflected among high-net-worth individuals, with the number of crypto centi-millionaires (holding USD 100 million or more) increasing by 79% to 325, and crypto billionaires rising by 27% to 28 globally.
Dominic Volek, Group Head of Private Clients at Henley & Partners attributed the surge in crypto millionaires to the introduction of Crypto Exchange Traded Funds in major financial markets ushering in a boom in significant institutional capital.
The report explained that the approval of the long-awaited spot Bitcoin and Ethereum ETFs unleashed a rapid surge in the inflow of institutional capital minting many millionaires. The anticipation of a possible Solana ETF increases the chances of minting more crypto millionaires in the near future.
The rise of crypto millionaires has made crypto-friendly countries a hot cake in the global market. Investors are looking to move their assets to countries with regulatory clarity and friendly crypto laws.
Henley and Partners in its report created a list of top crypto-friendly countries that have become favorites for newly minted crypto millionaires.
The list ranked Singapore first, followed by Hong Kong. The UAE and the United States are also among the top destinations.
