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The number of new Bitcoin millionaires has sharply risen over the last year. According to the Crypto Wealth Report 2024, the number of individuals owning more than $1 million in BTC has jumped by 111%, reaching as many as 85,400 by July 30, 2024.
The report, released by Henley and Partners, also revealed that 172,300 people worldwide now hold over $1 million worth of digital currency, a 95% jump from 88,200 individuals in the previous year.
Moreover, the ranks of the crypto-rich have grown all the way up the wealth ladder. There are now 325 crypto “centi-millionaires”, people with more than $100 million in digital assets. This elite group increased its membership by 79%, now comprising 325 people.
Six new crypto billionaires were also minted in the last year, bringing the total number of nine-figure crypto holders to 28.
The statistics in the report were based on a mix of “in-house wealth tier models” and open-source information from major crypto platforms such as CoinMarketCap, Binance, BscScan, and Etherscan.
The report’s analysis spanned from July 1, 2023, to June 30, 2024, with millionaire statistics rounded to the nearest hundred. Our own report into the top holders of Bitcoin suggests the top 15 holders collectively possess about 7.5% of the total Bitcoin supply.
Bitcoin Creates Most Crypto Billionaires
While the number of millionaires in the crypto sector experienced the most growth, the rise in billionaires was largely fueled by Bitcoin, Andrew Amoils, the head of research at New World Wealth, said.
“Of the six new crypto billionaires created over the past year, five emerged from Bitcoin, underscoring its dominant position in attracting long-term investors who acquire substantial holdings,” Amoils stated.
BITCOIN RALLY HELPS CREATE MORE THAN 84,000 NEW CRYPTO MILLIONAIRES IN A YEAR
The population of crypto millionaires in the world soared 95% over the past year, as bitcoin ETFs and other crypto assets climbed, according to a new report.
There are now 172,300 individuals…
— *Walter Bloomberg (@DeItaone) August 27, 2024
Dominic Volek, the head of private clients at Henley and Partners, attributed the surge in new crypto millionaires and the broader rally in the sector to the introduction of spot Bitcoin exchange-traded funds (ETFs).
These financial products have significantly influenced the market, as evidenced by the inflow of over $200 million into spot Bitcoin products on August 26 alone, marking the largest single-day inflow in the preceding 35 days.
Bitcoin’s price has also been on an upward trajectory, increasing by 142% over the past year. On August 27, 2023, Bitcoin was priced at $26,100. As of now, it has risen to around $63,100. This price surge has played a crucial role in the creation of new Bitcoin millionaires.
For the third consecutive year, Changpeng Zhao, the founder and former CEO of Binance, tops Forbes’ list of the richest crypto billionaires, with an estimated net worth of $33 billion.
In November, Zhao admitted to U.S. money laundering charges and agreed to a $50 million fine. Despite the legal troubles, his fortune has grown by over $10.5 billion in the past year.
Brian Armstrong, the co-founder of Coinbase, ranks second on the list with an estimated net worth of $11 billion, according to Forbes. He is followed by Giancarlo Devasini, Tether’s chief financial officer, and Michael Saylor, the co-founder of MicroStrategy.
Digital Assets Impact Financial Landscape
António Henriques, CEO of Bison Bank and Chairman of Bison Digital Assets, said that the increasing adoption of crypto assets has left its market on the broader financial landscape.
“In the rapidly evolving world of finance, cryptocurrencies are challenging the dominance of traditional fiat currencies. As these two financial realms intersect, we are witnessing the dawn of a new era in global finance, where the innovative potential of digital assets meets the stability of traditional money.”
Meanwhile, Henry Burrows, CEO of Hoptrail, pointed out the shift in wealth creation dynamics. “In the past, wealth primarily came from property and stocks,” he said.
“Today, it derives from Bitcoin, Ethereum, NFTs, initial coin offerings, mining, yield farming, and staking. In many cases, staggering returns are achieved from relatively small initial investments.”
It is worth noting that the surge in crypto adoption is poised not only to create more millionaires and billionaires but also to shift where the wealthy choose to live and work.
According to Henley & Partners, many newly affluent crypto investors are seeking to relocate to jurisdictions that are both tax and crypto-friendly. Volek noted a noticeable rise in crypto-wealthy clients exploring alternative residence and citizenship options.
To guide these crypto nomads, Henley & Partners has developed a “Crypto Adoption Index,” which ranks countries based on their tax and regulatory stance toward cryptocurrencies.
Singapore tops the index, praised for its supportive banking system, significant investment in the sector, and robust regulatory framework. Hong Kong ranks second on the index, followed by the United Arab Emirates and the United States.
The report also noted that 15% of the U.S. population owns cryptocurrencies. “This is supported by strong infrastructure, with a high density of crypto ATMs, crypto-friendly banks, and an increasing number of businesses accepting cryptocurrency,” the report said.
The Bottom Line
The number of Bitcoin millionaires has grown by 111% over the past year, reaching 85,400. Overall, the crypto wealth club has grown to 172,300 people with over $1 million in cryptocurrencies.
