The number of crypto millionaires has skyrocketed in the last year, research reveals.
There are now more than 172,300 individuals with more than $1 million in crypto assets – a 95 per cent rise on 2023, according to the global Crypto Wealth Report by Henley & Partners. The number of Bitcoin millionaires has soared by 111 per cent to 85,400.
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The total market value of crypto assets has reached $2.3 trillion, a 89 per cent increase year-on-year.
The upper echelons of crypto wealth have expanded dramatically. The number of crypto centi-millionaires has jumped by 79 per cent to 325, while the number of crypto billionaires has increased by 27 per cent to 28 globally.
Dominic Volek, group head of private clients at Henley & Partners, says the rapid growth has been fuelled by the introduction of crypto ETFs in major financial markets.
‘The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,’ Volek noted. ‘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. Anticipation now builds for potential Solana ETFs joining the Wall Street party. These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility.’
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The second annual Crypto Wealth Report draws on data from global wealth intelligence firm New World Wealth, along with insights from leading academics, industry experts, and crypto players.
Destinations for crypto millionaires
Crypto millionaires are seeking to relocate in order to maximise their wealth, Volek explained. ‘We’ve seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options. These digital nomads aren’t just chasing tax optimisation; they’re in pursuit of jurisdictions that embrace innovation and offer regulatory environments conducive to their decentralised aspirations.’
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Some of the most attractive locations are countries that offer residence and citizenship by investment programmes.
Singapore is rated by Henley & Partners as the most favourable destination for crypto-millionaires, followed by Hong Kong and the UAE.
‘Singapore’s top ranking is underscored by its recent regulatory framework for stablecoins, positioning it as a forward-thinking financial hub,’ Volek said of the rankings. ‘Hong Kong’s approval of spot crypto ETFs in January 2024, which are also becoming available in Singapore, highlights a commitment to remaining competitive in the digital asset space.’
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Meanwhile the UAE’s zero capital gains tax and progressive regulations make it a popular choice. Volek added: ‘Dubai’s long history of crypto-friendliness, including the approval of the first cryptocurrency fund in the Middle East in 2021, further solidifies its position as a leading destination for crypto investors. More recently, Dubai’s allowance for residents to trade cryptocurrencies directly with their bank accounts is indicative of a significant step towards mainstream adoption.’
