Key Points
- The number of crypto millionaires worldwide has skyrocketed by 95% to 172,300 individuals, with Bitcoin millionaires more than doubling to 85,400, according to Henley & Partners’ Crypto Wealth Report 2024.
- The total market value of crypto assets has reached $2.3 trillion, an 89% increase from the previous year, driven by the introduction of crypto ETFs in major financial markets and significant institutional investment.
Explosive Growth in Crypto Wealth
The cryptocurrency landscape has dramatically transformed in 2024, with individuals holding over $1 million in crypto assets surging to 172,300 worldwide. This represents a staggering 95% increase compared to the previous year, according to the Crypto Wealth Report 2024 published by Henley & Partners, a leading wealth and investment migration firm.
The report reveals that Bitcoin millionaires have seen the most substantial growth, their numbers soaring by 111% to 85,400. This unprecedented expansion of crypto wealth extends to the upper echelons, with crypto centi-millionaires (those holding $100 million or more) increasing by 79% to 325, and even the exclusive group of crypto billionaires growing by 27% to 28 globally.
Dominic Volek, Group Head of Private Clients at Henley & Partners, attributes this rapid growth to introducing crypto ETFs in major financial markets, which has ushered in significant institutional capital. The approval of spot Bitcoin and Ethereum ETFs in the USA has been a particular catalyst, with anticipation building for potential Solana ETFs to join the fray.
Institutional Adoption and Market Maturation
The total market value of crypto assets has reached an impressive $2.3 trillion, marking an 89% increase from the $1.2 trillion reported in the previous year. This growth has been fueled by several key factors, including Bitcoin’s rise to a new all-time high of over $73,000 in March 2024.
Andrew Amoils, Head of Research at New World Wealth, notes that while the millionaire band performed best over the past year, Bitcoin primarily drives billionaire growth. Five of the six new crypto billionaires created in the past year owe their status to Bitcoin, underscoring its dominant position in attracting long-term investors with significant holdings.
The report also highlights the evolving regulatory landscape and the increasing intersection between traditional finance and cryptocurrencies. António Henriques, CEO of Bison Bank, points out that as cryptocurrencies challenge the dominance of traditional fiat currencies, we are witnessing the dawn of a new era in global finance.
Global Mobility and Crypto Wealth
An exciting trend highlighted in the report is the growing demand for alternative residence and citizenship options among crypto-wealthy individuals. Henley & Partners has observed a significant increase in crypto millionaires seeking investment migration programs in 2024.
The firm’s updated Henley Crypto Adoption Index evaluates various jurisdictions based on public adoption, infrastructure, innovation, regulatory environment, and tax-friendliness. Singapore maintains its position as the premier cryptocurrency hub, followed closely by Hong Kong and the UAE.
As the lines between traditional and digital finance continue to blur, the synergy between investment migration and cryptocurrencies is strengthening. This trend suggests that in the coming years, we may see further evolution of investment migration programs catering specifically to the needs of the crypto elite as nations compete to attract this new wave of digital wealth.
In conclusion, the explosive growth of crypto millionaires in 2024 marks a significant shift in the global wealth landscape. As cryptocurrencies continue gaining mainstream acceptance and institutional support, their impact on traditional financial systems and global mobility will likely intensify, reshaping the future of wealth creation and management.
