THE number of Bitcoin millionaires worldwide has risen by 111 per cent compared to last year, a new global report has found.
The Crypto Wealth Report 2024 published by international wealth and investment migration specialists Henley & Partners found there are now 172,300 individuals worldwide holding over USD$1 million in crypto assets — a 95% increase compared to last year — with the number of Bitcoin millionaires soaring by 111% to 85,400.
The total market value of crypto assets now stands at US$2.3 trillion, an 89% increase compared to the US$1.2 trillion reported in the firm’s inaugural report last year.
The number of crypto centi-millionaires (those with crypto holdings of USD$100 million or more) rose by 79% to 325 while crypto billionaires increased by 27% to 28 globally.
In a statement from the company, 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, ushering in significant institutional capital.
“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” he says.
“Bitcoin’s rise to over US$73,000 in March set a new all-time high while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA 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,” Mr Volek says.
Head of Research at New World Wealth, Andrew Amoils, says the millionaire band performed best over the past year while billionaire growth was much lower and mainly driven by Bitcoin.
“Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.”
Global citizenship
Henley & Partners says they saw a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options in 2024.
The firm also released its second, annual Henley Crypto Adoption Index which evaluates investment migration programs through the lens of the crypto investor, considering factors such as public adoption, infrastructure, innovation and technology, regulatory environment, economic factors, and tax-friendliness.
The index reveals Singapore continues to reign supreme as the premier cryptocurrency hub. Following closely is Hong Kong and the United Arab Emirates in third position.
The company notes that none of these countries levies capital gains tax.
