The number of crypto millionaires worldwide has skyrocketed by 95 percent over the past year. This increase is primarily fueled by the emergence of spot Bitcoin Exchange-Traded Funds (ETFs) and other cryptocurrencies, a new report suggests.
In a recent study, Henley & Partners detailed their research findings, explaining the factors behind this remarkable rise in crypto millionaires and the specific growth percentages across various categories.
Currently, there are 172,300 individuals globally who possess over $1 million in crypto assets, marking a 95 percent rise from last year. The count of Bitcoin millionaires has surged by 111 percent to reach 85,400, according to the Crypto Wealth Report 2024 published by Henley & Partners, a leading firm in wealth and investment migration.
The total market capitalization of crypto assets has soared to an impressive $2.3 trillion, representing an 89 percent increase from the $1.2 trillion reported in the company’s first report last year. The upper tier of crypto wealth has also expanded significantly, with the number of crypto centi-millionaires (those with $100 million or more in crypto holdings) rising by 79 percent to 325. Additionally, the exclusive group of crypto billionaires has grown by 27 percent to a total of 28 worldwide.
ETFs driving the boom
Dominic Volek, group head of Private Clients at Henley & Partners, attributed the dramatic increase in crypto millionaires to the rollout of Crypto Exchange Traded Funds in major financial markets, which has attracted substantial institutional investment. The report noted that the long-awaited approval of spot Bitcoin and Ethereum ETFs has triggered a swift influx of institutional capital, creating numerous new millionaires. Furthermore, the potential introduction of a Solana ETF is expected to increase the likelihood of more crypto millionaires emerging soon.
Read more: Bitcoin ETFs approval: A game-changer for cryptocurrency market
Demand for crypto-friendly countries
The rise in crypto millionaires has made crypto-friendly nations highly sought after in the global market. Investors are eager to relocate their assets to countries that offer clear regulations and favorable crypto laws. Henley & Partners compiled a list of the top crypto-friendly countries that have become preferred destinations for newly minted crypto millionaires.
Singapore topped the list, followed by Hong Kong, with the UAE and the United States also ranking among the leading choices.
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