Crypto millionaires population up 95% in one year, survey shows

With the rise of spot Bitcoin ETFs and other crypto assets, the number of crypto millionaires is set to nearly double to 172,300 by 2024.

The global population of crypto millionaires has increased by 95% in the past year, amid the rise of spot Bitcoin exchange-traded funds and other cryptocurrencies, according to a new research report from New World Wealth and Henley & Partners.

The report notes that 172,300 people worldwide now own more than $1 million in cryptocurrencies, nearly doubling from 88,200 by 2023. The number of Bitcoin (BTC) millionaires more than doubled to 85,400 during the same period, the data shows.

Crypto millionaires | Source: New World Wealth and Henley & Partners

Crypto wealth has also expanded significantly, with 325 individuals now classified as crypto centimillionaires (those who own $100 million or more in crypto) and 28 crypto billionaires. The report attributes this rapid increase to the growth of spot Bitcoin ETFs, which have amassed over $50 billion in assets since their launch in January, leading to a surge in institutional participation.

Commenting on the data in an interview with CNBC, Andrew Amoils, head of research at New World Wealth, said that five out of six new crypto billionaires created in 2023 owe their fortunes to Bitcoin, highlighting Bitcoin’s “dominant position in attracting long-term investors who are buying large assets.”

Investors are looking for crypto-friendly countries

Crypto is not only reshaping wealth, but also the demographics of where the wealthy live and work. Analysts at Henley & Partners say they’ve seen “a significant increase in crypto-rich clients seeking alternative residency and citizenship options,” noting that many newly wealthy crypto individuals are looking to relocate to tax-friendly and crypto-friendly jurisdictions.

Henley & Partners developed an index to rank countries based on their tax and regulatory environments, and placed Singapore at the top due to its “supportive banking system, significant investments, comprehensive regulations such as the Payment Services Act, regulatory testing grounds and alignment with global standards.”

Hong Kong ranks second after Singapore, while the United Arab Emirates and the United States also top the list.