Surge in Cryptocurrency Millionaires and Billionaires in 2024

The ongoing cryptocurrency bull market has birthed over 88,000 new crypto millionaires and six crypto billionaires in 2024, according to a comprehensive report by New World Wealth and Henley & Partners. This surge has contributed to a staggering global total of 172,000 individuals now holding more than $1 million in cryptocurrency assets—a remarkable 95% increase from the previous year.

This explosive growth follows a market rally that saw Bitcoin (BTC) soar to an all-time high of $73,800 in March. Factors contributing to this bullish momentum include heightened investor sentiment and the introduction of several U.S. spot exchange-traded funds (ETFs). Bitcoin has enjoyed its most robust growth period since 2020, starting the year at approximately $42,500.

The report further highlights that the number of centi-millionaires—individuals with assets exceeding $100 million—has surged by 79%, bringing the total to 325. Notably, Bitcoin has been the primary driver of this increase in billionaire status, with five of the six newly minted billionaires achieving their wealth through astute Bitcoin investments.

A notable trend among these crypto-affluent investors is their preference for securing residency in crypto-friendly and tax-efficient jurisdictions. Singapore has solidified its position as the premier hub for cryptocurrency, thanks to its exemplary regulatory framework and advanced infrastructure development. Meanwhile, the UAE ranks third, attracting attention for its substantial tax advantages.

As Dominic Volek, group head of private clients at Henley & Partners, aptly puts it: “The crypto millionaires of 2024 are not merely satisfied with accumulating digital wealth; they are actively pursuing the freedom of global mobility to complement their borderless assets.”