A new report from New World Wealth and Henley & Partners highlights a significant increase in the number of crypto millionaires and the shift in global wealth distribution.
Growth of Crypto Wealth
According to the report, crypto wealth has grown substantially, with 325 individuals now recognized as crypto centimillionaires—those holding $100 million or more in digital assets—and 28 crypto billionaires. Over 172,300 people across the globe now possess over $1 million in cryptocurrency, a significant increase from 88,200 in 2023. Also, the number of Bitcoin millionaires more than doubled during this period, reaching 85,400.
Factors of Growth
The report noted that the surge is largely attributed to the rise of spot Bitcoin exchange-traded funds (ETFs) and the growing adoption of other cryptocurrencies. Commenting on the data in an interview with CNBC, Andrew Amoils, head of research at New World Wealth, highlighted that five out of the six new crypto billionaires created in 2023 have amassed their fortunes through Bitcoin. He emphasized Bitcoin’s dominant position in attracting long-term investors inclined to acquire substantial holdings.
Changing Geography of Wealth
The report also noted how cryptocurrency is transforming global wealth distribution and shifting the demographics of where the affluent reside. A marked increase in crypto millionaires relocating to tax-friendly and crypto-friendly countries was also observed. Henley & Partners introduced an index to rank countries by their tax and regulatory environments, placing Singapore at the top. Singapore earned this position due to its supportive banking system, significant investment, comprehensive regulations like the Payment Services Act, regulatory sandboxes, and alignment with global standards.
In summary, the report not only highlights the growth in the number of crypto millionaires but also indicates a shift in global trends in the allocation of crypto wealth.
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