The Crypto Wealth Report 2024 by Henley & Partners has brought to light the increasing number of individuals holding over $1 million in digital assets. The data shows a significant surge of 95% to 172,300 millionaires in the crypto space. This growth is reflective of the expanding crypto market, which has reached a total value of $2.3 trillion – an 89% increase from the previous year.
One of the standout findings from the report is the growth in Bitcoin millionaires, which has seen a remarkable increase of 111% to 85,400. Bitcoin, being the number one cryptocurrency, has experienced significant advancements in recent times. This includes hitting an all-time high price of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S.
The survey also highlights a notable expansion in the upper echelons of wealth in the crypto sector. The number of crypto centi-millionaires, individuals with digital assets exceeding $100 million, has risen by 79% to 325. Moreover, the ranks of virtual currency billionaires have also seen a 27% uptick, totaling 28 globally. This trend showcases the increasing wealth accumulation in the crypto space.
With the surge in crypto wealth, investment migration has become more relevant. According to the report, Singapore remains the top destination for investors, scoring 45.7 out of 60 in the virtual asset adoption index. Hong Kong and the UAE closely follow, offering favorable conditions such as tax advantages and advanced digital economies. This indicates a shift towards digital asset adoption in the global financial landscape.
The report also includes insights from various experts in the field. A recurring theme among their views is the global financial shift brought about by virtual currency. António Henriques, CEO of Bison Bank, highlights the transformative effect of digital assets on global finance. Coinshare co-founder Jean-Marie Mognetti notes the facilitation of broader institutional engagement through the SEC’s approval of spot Bitcoin ETFs. Henry Burrows, the top executive at Hoptrail, underscores the shift in wealth generation towards virtual assets. Additionally, Lark Davis and Guneet Kaur emphasize the significant roles of Ethereum and stablecoins, respectively, in the crypto sector.
The Crypto Wealth Report 2024 paints a picture of a rapidly evolving landscape in the crypto space. With the increasing number of crypto millionaires, the growth in Bitcoin wealth, and the expanding wealth at the upper echelons, it is evident that the future of crypto wealth is on a trajectory of growth and transformation. As digital assets continue to challenge traditional financial systems, it is imperative for investors and institutions to adapt to this new era of wealth generation.
