According to the Crypto Wealth Report 2024 from international wealth and investment migration specialists Henley & Partners, there are currently 172,300 people worldwide holding over $1m in crypto assets, a 95% increase from the previous year. The number of bitcoin millionaires has also increased to 85,400, up 111%.
Since the firm’s first study last year, the overall market value of crypto assets has increased to an astounding $2.3trn, representing an 89% growth.
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By GlobalDataThe wealthiest segments of the cryptocurrency community have also experienced significant growth.
For example, the number of crypto centi-millionaires, or people with assets worth at least $100m, has shot up by 79% to 325, while the exclusive group of crypto billionaires has seen a 27% increase to 28 worldwide.
The Crypto Wealth Report 2024 features exclusive information on crypto and Bitcoin millionaires, centi-millionaires, and billionaires compiled by global wealth intelligence group New World Wealth, as well as views from noted academics, industry experts, and crypto players.
It also includes a new edition of the Henley Crypto Adoption Index 2024, which compares the best residence and citizenship options for crypto investors.
The Crypto Wealth Report 2024 delves into the changing cryptocurrency market, regulatory frameworks, technological infrastructure, estate planning, decentralised finance, and the impact on established financial institutions, outlining an overview for investors and entrepreneurs.
Dominic Volek, group head of private clients at Henley & Partners stated: “The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. 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. Anticipation now builds 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.”
Head of research at New World Wealth, Andrew Amoils added: “Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.”
Borderless assets fuel demand for global citizenship
Moreover, Henley & Partners has observed a large increase in crypto-wealthy clients exploring alternate residence and citizenship possibilities in 2024.
To help make sense of the shifting cryptocurrency ecosystem, the business has released its second annual Henley Crypto Adoption Index.
This thorough tool assesses investment migration plans from the perspective of the crypto investor, taking into account aspects such as public adoption, infrastructure, innovation and technology, regulatory environment, economic issues, and tax-friendliness.
With a top score of 45.7 out of 60, the index highlights Singapore’s sustained supremacy as the most prominent digital currency hub.
Singapore is an innovator in sectors including infrastructural development, regulatory frameworks, and technology innovation.
Nonetheless, Hong Kong (SAR China), stands out for having solid economic foundations and tax laws that are favourable to investors, comes right behind and the UAE, with its substantial tax benefits and quickly growing digital sector, takes third place.
Interestingly, none of these three nations impose capital gains taxes, which is a big benefit for high-net-worth individuals and cryptocurrency investors in particular.
Furthermore, investment migration programmes are gaining importance in attracting crypto wealth, with European countries like Cyprus and Malta implementing progressive regulations and innovative digital asset approaches.
Meanwhile, Eleanor Gaywood, Coincover’s head of strategy, expressed that not all crypto investors become millionaires, and caution is needed to ensure the safety of private keys and seed phrases.
She noted: “The rise in the number of crypto millionaires highlights the huge returns that the market can offer, but investors still need to be aware of the security risks. What often doesn’t make the headlines is the growing number of new entrants buying crypto for the first time and losing access to their holdings. These are often people hoping to make a profit but aren’t familiar with the risks of not storing their private keys and seed phrases securely.
“Unlike in traditional banking there’s no “forgot my password” button. Once you’re locked out, it’s incredibly hard to regain access to your account which creates a nightmare scenario for so many users. Volatility will continue to attract new investors seeking lucrative returns, meaning it is vital that exchanges and wallet providers adopt robust recovery systems so that users can recover their funds if and when loss occurs.”
