One million dollars is a lot of coin, and the number of people who own that equivalent or more in cryptocurrency has surged over the past year.
The Crypto Wealth Report 2024 published by Henley & Partners found there are now 172,300 people worldwide who are crypto millionaires, a 95% increase compared to last year, and the number of bitcoin millionaires soared by 111% to 85,400.
Henley & Parters determined the total market value of crypto assets has now reached a staggering $2.3 trillion, an 89% increase compared to the $1.2 trillion reported in the firm’s inaugural report last year.
The upper echelons of crypto wealth have also grown dramatically, the data shows, with the number of crypto centi-millionaires — those with crypto holdings of $100 million or more — rising by 79% to 325. The number of crypto billionaires climbed 27%, to 28 people globally.
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Dominic Volek, group head of private clients at Henley & Partners, said the rapid growth has been fueled by the introduction of crypto ETFs in major financial markets, ushering in significant institutional capital.
"The cryptocurrency landscape of 2024 bears little resemblance to its predecessors," Volek said. "Bitcoin’s rise to over $73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital."
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He said anticipation is now building for potential Solana ETFs joining the Wall Street party.
"These milestones have seeded a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility," Volek said.
"As cryptocurrencies cement their place in the financial zeitgeist, a new class of high-net-worth individuals has emerged," Volek told FOX Business.
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"These digital nomads aren’t just chasing tax optimization; they're in pursuit of jurisdictions that embrace innovation and offer regulatory environments conducive to their decentralized aspirations."
