An IMGW News Report
The number of individuals worldwide holding over USD 1 million in crypto assets has reached 172,300, marking a 95% increase from last year, according to the Crypto Wealth Report 2024 by Henley & Partners. The report highlights a 111% surge in Bitcoin millionaires, now totaling 85,400. The overall market value of crypto assets has soared to USD 2.3 trillion, an 89% increase from the previous year’s USD 1.2 trillion.
The report also notes a significant rise in ultra-wealthy crypto holders. The number of crypto centi-millionaires (those holding USD 100 million or more) has grown by 79% to 325, while the count of crypto billionaires has increased by 27% to 28 globally.
Dominic Volek, Group Head of Private Clients at Henley & Partners, attributes this rapid growth to the introduction of crypto ETFs in major financial markets, which has attracted substantial institutional capital. “The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” Volek stated, citing Bitcoin’s new all-time high of over USD 73,000 in March and the approval of spot Bitcoin and Ethereum ETFs in the USA.
The Crypto Wealth Report 2024 provides detailed statistics on crypto millionaires, centi-millionaires, and billionaires, compiled by New World Wealth. It also includes insights from academics, industry experts, and crypto professionals, along with the updated Henley Crypto Adoption Index 2024, which compares the best residence and citizenship by investment programs for crypto investors.
Crypto Market Evolution and Investment Insights
Andrew Amoils, Head of Research at New World Wealth, observed that the millionaire segment experienced the most significant growth, while billionaire growth was modest and primarily driven by Bitcoin. “Of the six new crypto billionaires created over the past year, five came from Bitcoin,” Amoils noted, underscoring Bitcoin’s dominant position in attracting long-term investors.
The report delves into various aspects affecting crypto investors, including regulatory environments, technological infrastructure, estate planning for digital assets, and the rise of decentralized finance. António Henriques, CEO of Bison Bank, emphasized the intersection of digital assets and traditional finance, while Jean-Marie Mognetti, CEO of CoinShares, highlighted the transformative impact of the SEC’s approval of spot Bitcoin ETFs on institutional adoption.
Henry Burrows, CEO of Hoptrail, pointed to a shift in wealth creation paradigms, with wealth now often derived from digital assets like Bitcoin, Ethereum, NFTs, and other crypto instruments. Lark Davis, a cryptocurrency investor, stressed Ethereum’s pivotal role in the market, serving as the backbone for many crypto projects.
Guneet Kaur, editor at Cointelegraph, highlighted the growing importance of stablecoins as a more stable investment option within the volatile crypto space. “Stablecoins offer a refuge for investors and a powerful tool for savings and investments,” Kaur remarked, reflecting the evolving role of cryptocurrencies in meeting diverse financial needs.
Borderless Assets and Global Citizenship
Henley & Partners reports a surge in crypto-wealthy clients seeking alternative residence and citizenship options. The firm’s Henley Crypto Adoption Index reveals that Singapore remains the top destination for crypto investors, scoring 45.7 out of 60 for its technological innovation, regulatory framework, and infrastructure. Hong Kong and the UAE follow closely, noted for their favorable economic conditions and tax policies.
The report indicates a growing synergy between investment migration programs and cryptocurrencies as the lines between traditional and digital finance blur. Countries like Cyprus, Malta, and Antigua and Barbuda are becoming increasingly attractive for crypto investors due to their progressive regulations and favorable tax environments.
Volek concluded, “The crypto millionaires of 2024 are not content with digital riches alone; they seek the freedom of global mobility to match their borderless assets. As nations compete to attract this new wave of digital wealth, investment migration programs will continue to evolve, catering to the unique needs of the crypto elite.”
Read the full Crypto Wealth Report 2024 online.
