The global population of crypto millionaires has surged by 95% over the past year according to a report done by New World Wealth and Henley & partners.
According to the report, the surge in new crypto millionaires is driven by the rise of spot Bitcoin Exchange-traded funds and other cryptocurrencies.
Henley and Partners in a press release stated the findings of their research, what they believe is behind the impressive surge in crypto millionaires, and the individual percentage growth of various categories of crypto millionaires.
“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 now reached a staggering USD 2.3 trillion, an 89% increase when compared to the USD 1.2 trillion reported in the firm’s inaugural report last year. The upper echelons of crypto wealth have also expanded dramatically, with the number of crypto centi-millionaires (those with crypto holdings of USD 100 million or more) rising by 79% to 325, and even the rarefied cohort of crypto billionaires seeing a 27% increase to 28 globally.
ETFs behind Surge
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.
Crypto-friendly countries are in demand
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.
What to Know
- New World Wealth’s head of research Andrew Amoils pointed out that out of the six new crypto billionaires created in 2023, five made their wealth from Bitcoin.
- The speculations of a possible Solana ETF on the horizon could add to the number of crypto millionaires as it seeks to become the third crypto asset with a Spot Exchange Traded Fund.
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