Number of Crypto Millionaires Doubles in the Past Year: Report

The number of people worldwide holding $1 million or more in cryptocurrency assets has surged by 95% since 2023, with over half of them...

Aug 28, 2024 - 20:21

Number of Crypto Millionaires Doubles in the Past Year: Report

The number of people worldwide holding $1 million or more in cryptocurrency assets has surged by 95% since 2023, with over half of them invested in Bitcoin, according to a newly released report.

The Crypto Wealth Report 2024, published by London-based firm Henley & Partners, also revealed that the total market value of crypto assets increased by 89%, rising from $1.2 trillion last year to $2.3 trillion.

“The cryptocurrency landscape of 2024 is vastly different from previous years,” said Dominic Volek of Henley & Partners, highlighting that the “long-awaited approval of spot Bitcoin and Ethereum ETFs [exchange-traded funds] unleashed a flood of institutional capital.”

As of June 30 this year, the report counted 172,300 individuals with crypto assets worth at least $1 million. The number of Bitcoin millionaires alone skyrocketed by 111% to 85,400.

There are also 325 people holding crypto assets worth $100 million or more, marking a 79% increase from 2023. Even the exclusive group of crypto billionaires grew by 27% to include 28 individuals globally.

“Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position in attracting long-term investors,” said Andrew Amoils, head of research at South Africa-based New World Wealth.

Cryptocurrency investor Lark Davis, however, emphasized that Ethereum remains a “keystone asset” in the market.

Volek expects that Solana ETFs will soon receive regulatory approval in the US, joining the broader trend of crypto adoption and integration with traditional finance.

Henley & Partners, a firm specializing in "residence and citizenship by investment," noted a significant increase in wealthy crypto investors seeking to emigrate this year. The company also tracks the Crypto Adoption Index, which ranks countries based on their openness to cryptocurrency. For 2024, Singapore, Hong Kong, and the United Arab Emirates top the list, with the US and the UK rounding out the top five.