A massive rally in Bitcoin and other cryptocurrencies has led to a significant surge in the number of crypto millionaires and billionaires worldwide. According to the latest Crypto Wealth Report 2024 by Henley & Partners, the number of individuals holding over $1 million in crypto assets has nearly doubled, reflecting the growing acceptance and value of digital currencies.
Rapid Growth in Crypto Wealth
The Crypto Wealth Report 2024 reveals a staggering 95% increase in the number of crypto millionaires over the past year, bringing the global total to 172,300 individuals. Of these, 85,400 are Bitcoin millionaires, marking a 111% rise compared to last year.
The report further highlights a significant increase in the number of crypto billionaires, now totaling 28 worldwide. This includes six new billionaires created over the past year, five of whom owe their wealth to Bitcoin's dominant position in the market.
Notably, Changpeng Zhao, the founder and former CEO of Binance, remains the richest crypto billionaire for the third consecutive year, with a net worth of approximately $33 billion. His wealth has seen a remarkable increase of over $10.5 billion in just one year, despite facing legal challenges in the U.S.
Bitcoin Surge By 45% In Year
However, Bitcoin has played a significant role in creating this wealth. With it's price surging by 45% this year, as currently trading at around $63,160, while the overall market cap of crypto assets has grown to $2.21 trillion, nearly doubling from $1.2 trillion last summer.
Apart from this the launch of Bitcoin ETFs in January, which now hold over $50 billion in assets, has been a key driver of this growth. The increasing involvement of institutional investors, including major asset managers like BlackRock and Fidelity, has further fueled the rise in crypto wealth.
Crypto Friendly Countries
To cater to this trend, Henley & Partners has developed a “Crypto Adoption Index,” ranking countries based on their tax and regulatory environment for cryptocurrencies. Singapore tops the list, thanks to its supportive banking system, significant investments, and comprehensive regulations, including the Payment Services Act.
Following Singapore are Hong Kong, the United Arab Emirates, and the U.S., which boasts a strong infrastructure with a high density of crypto ATMs and crypto-friendly banks.