The population of crypto millionaires around the world has soared by 95% over the past year, with the number of individuals holding more than $1 million in crypto assets rising to 172,300, up from 88,200. This dramatic increase reflects the rapid expansion of Bitcoin exchange-traded funds (ETFs) and the broader adoption of other crypto assets. According to a report from New World Wealth and Henley & Partners, the number of pure Bitcoin millionaires has more than doubled to 85,400.
The crypto wealth boom extends up the financial ladder, with 325 individuals now holding $100 million or more in crypto assets, and 28 crypto billionaires globally. This growth is largely attributed to the proliferation of Bitcoin ETFs, which have amassed over $50 billion in assets since their January launch, igniting a wave of institutional investment.
Bitcoin’s price has surged by 45% this year, reaching approximately $64,000. As a result, the market capitalization of all crypto assets has climbed to $2.3 trillion, up from $1.2 trillion last summer. While many crypto assets remain below their 2021 highs, the recent surge highlights Bitcoin’s dominant role in attracting long-term investors.
Among the newly minted crypto billionaires, five owe their wealth to Bitcoin, underscoring its strong appeal to major investors. Leading the list of the richest in crypto for the third consecutive year is Changpeng Zhao, the founder of Binance, with an estimated net worth of $33 billion. Other top names include Brian Armstrong, co-founder of Coinbase, and Giancarlo Devasini, CFO of Tether.
The rise of crypto assets is not only creating more millionaires and billionaires but also influencing where they choose to live. Many of the newly wealthy are seeking residency in tax-friendly and crypto-supportive jurisdictions. To better serve these crypto nomads, Henley & Partners developed a “Crypto Adoption Index,” which ranks countries based on their regulatory and tax environment for crypto. Singapore leads the index, followed by Hong Kong, the United Arab Emirates, and the United States, with the latter seeing 15% of its population owning cryptocurrencies. The increasing acceptance of crypto among major asset managers like BlackRock and Fidelity is expected to fuel further wealth creation among large crypto holders.
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