The global crypto millionaire population has experienced a remarkable surge, increasing by 95% over the past year to reach a total of 172,300 individuals, according to a recent survey conducted by New World Wealth and Henley & Partners. This significant rise is attributed to the booming popularity of spot Bitcoin exchange-traded funds (ETFs) and other cryptocurrency assets.
Substantial Growth in Crypto Wealth
The report highlights that the number of individuals holding over $1 million in cryptocurrency has nearly doubled from 88,200 in 2023. The expansion of Bitcoin millionaires has been particularly notable, with their numbers more than doubling to 85,400 within the same period.
The wealth in the crypto sector has also grown markedly, with 325 individuals now classified as crypto centimillionaires—those possessing $100 million or more in digital assets—and 28 individuals recognized as crypto billionaires. This growth is largely attributed to the advent of spot Bitcoin ETFs, which have accumulated over $50 billion in assets since their launch in January 2024, leading to increased institutional involvement in the market.
Andrew Amoils, Head of Research at New World Wealth, emphasized in a CNBC interview that five of the six new crypto billionaires created in 2023 owe their fortunes to Bitcoin. This underscores Bitcoin’s continued dominance as a preferred investment for those making substantial long-term bets.
Shift in Wealth Demographics
The rise in crypto wealth is reshaping not only financial standings but also influencing the preferred locations for residence among the newly affluent. Analysts from Henley & Partners have observed a growing trend of crypto millionaires seeking relocation to tax-efficient and crypto-friendly jurisdictions.
Henley & Partners have developed an index to assess countries based on their tax and regulatory environments for crypto assets. According to the index, Singapore leads the list due to its supportive banking infrastructure, significant investment opportunities, comprehensive regulations like the Payment Services Act, and alignment with global standards. Following Singapore, Hong Kong ranks second, with the United Arab Emirates and the United States also emerging as top destinations for crypto wealth.
The surge in crypto millionaires reflects a broader trend of increasing wealth concentration in the cryptocurrency sector, highlighting the sector’s expanding influence and the shifting preferences of the newly wealthy.
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