Crypto millionaires have doubled over the past year: Henley & Partners

The rapid growth of the digital asset market has helped a near-doubling in the number of crypto millionaires, according to a new report by Henley & Partners.

The newly released Crypto Wealth Report 2024 reveals that 172,300 individuals worldwide now hold over $1 million in crypto assets, marking a 95 percent increase from the previous year. The number of Bitcoin millionaires has risen even more dramatically, with a 111 percent increase bringing the total to 85,400.

The overall market value of crypto assets has surged to reach $2.3 trillion, an 89 percent jump from last year's $1.2 trillion. That’s fueled an explosion in the ranks of the wealthiest crypto holders, with the number of centi-millionaires – those holding $100 million or more in crypto – rising by 79 percent to 325. Meanwhile, the number of crypto billionaires has grown by 27 percent, now totaling 28 globally.

Dominic Volek, group head of private clients at Henley & Partners, said Bitcoin’s rise to a new price peak was only one of several factors pushing up the fortunes of the crypto elite.

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” he said in a statement.

“Bitcoin’s rise to over $73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the US unleashed a torrent of institutional capital,” he said.

Offering a new take on global wealth migration, Henley & Partners also shed light on the geographic distribution of crypto wealth.

Singapore emerged as the leading hub for cryptocurrency, scoring 45.7 out of 60 on the consultancy firm’s crypto adoption index due to its technological innovation, regulatory framework, and infrastructure. Hong Kong and the United Arab Emirates follow closely, each offering favorable tax environments and robust digital economies. All three countries, the report noted, did not impose taxes on capital gains.

“The crypto millionaires of 2024 are not content with digital riches alone; they seek the freedom of global mobility to match their borderless assets," Volek said. “As nations compete to attract this new wave of digital wealth, we can expect investment migration programs to evolve, catering to the unique needs of the crypto elite.”