Paris, France – The population of crypto millionaires worldwide has surged by 95% in the past year, driven by the increasing value of bitcoin exchange-traded funds and other crypto assets. A report from New World Wealth and Henley & Partners revealed that there are now 172,300 individuals globally holding more than $1 million in crypto assets, up from 88,200 the previous year. Notably, the number of pure bitcoin millionaires has more than doubled to 85,400.
The growth in the ranks of crypto wealthy individuals extends across the wealth spectrum, with 325 crypto centimillionaires (those with $100 million or more in crypto holdings) and 28 crypto billionaires now identified in the report. This spike can be attributed to the rapid expansion of bitcoin ETFs, surpassing $50 billion in assets since their launch in January, attracting significant institutional participation.
Bitcoin’s price has risen by 45% this year to around $64,000, while the overall market cap of crypto assets has climbed to $2.3 trillion, up from $1.2 trillion last summer. The report also highlighted six new crypto billionaires created in the past year, with five mainly accumulating wealth through bitcoin, showcasing its allure among long-term investors.
For the third consecutive year, Changpeng Zhao, founder of crypto exchange Binance, maintains his position as the wealthiest crypto billionaire, with an estimated net worth of $33 billion. The report also identifies Brian Armstrong, co-founder of Coinbase, as the second richest in the crypto space, valued at $11 billion.
Despite some crypto assets remaining below their 2021 highs, the recent resurgence of bitcoin brings the market back to those levels, which peaked at a $3 trillion market cap in November 2021. The rising acceptance of crypto assets among major asset managers like BlackRock and Fidelity, aided by Morgan Stanley’s 15,000-broker salesforce, could further drive wealth creation among large crypto holders.
Moreover, the report suggests that crypto’s impact goes beyond creating millionaires and billionaires, potentially influencing where the wealthy choose to reside and conduct business. Many of the newly minted crypto-rich individuals are exploring tax-friendly and crypto-friendly jurisdictions for relocation. Countries like Singapore, Hong Kong, the United Arab Emirates, and the U.S. are among the top destinations sought by the crypto wealthy, according to Henley & Partners.
To assist these “crypto nomads,” Henley has devised a “Crypto Adoption Index” ranking countries based on their tax and regulatory stances on crypto. Singapore takes the top spot due to its conducive environment for crypto activities, while Hong Kong, the UAE, and the U.S. follow closely. In the U.S., approximately 15% of the population owns cryptocurrencies, supported by a solid infrastructure of crypto ATMs, crypto-friendly banks, and increasing business acceptance of cryptocurrency.