The number of crypto millionaires nearly doubled in 2024, reaching 172,300, fueled by the surge in spot Bitcoin ETFs and other cryptocurrency assets.
According to a new report by New World Wealth and Henley & Partners, the global population of crypto millionaires increased by 95% over the past year. This rise is largely attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs) and the overall growth of cryptocurrencies. The report reveals that 172,300 individuals worldwide now hold more than $1 million in crypto, almost doubling from 88,200 in 2023. Notably, the number of Bitcoin millionaires has more than doubled to 85,400.
The report also highlights the significant expansion of crypto wealth, with 325 individuals now classified as crypto centimillionaires—those holding $100 million or more in crypto—and 28 crypto billionaires. This rapid increase in wealth is attributed to the launch of spot Bitcoin ETFs, which have accumulated over $50 billion in assets since January, attracting a surge in institutional participation.
Andrew Amoils, head of research at New World Wealth, commented on the data in a CNBC interview, noting that of the six new crypto billionaires created in 2023, five owe their fortunes to Bitcoin. This emphasizes Bitcoin’s dominant role in attracting long-term investors who make large investments.
Crypto’s influence extends beyond wealth, reshaping where the rich choose to live and work. Analysts at Henley & Partners have observed a significant increase in crypto-wealthy individuals seeking to relocate to tax-friendly and crypto-friendly countries. The firm has developed an index to rank countries based on their tax and regulatory environments, with Singapore emerging as the top destination due to its supportive banking system, substantial investment, comprehensive regulations like the Payment Services Act, regulatory sandboxes, and alignment with global standards.
Following Singapore, Hong Kong ranks second, with the United Arab Emirates and the U.S. also among the top choices for crypto investors seeking favorable environments.
