The world has witnessed a staggering increase in the population of crypto millionaires, with a 95% surge over the past year. According to a report from New World Wealth and Henley & Partners, there are currently 172,300 individuals worldwide holding more than $1 million in crypto assets, a significant increase from the 88,200 reported last year.
The Growing Crypto Rich Elite
The rise of crypto wealth is not limited to millionaires alone, as the number of pure bitcoin millionaires has more than doubled, reaching 85,400. Moreover, there are now 325 crypto centimillionaires and 28 crypto billionaires, demonstrating the widespread growth of wealth within the crypto community.
Bitcoin continues to hold a dominant position in attracting long-term investors who seek substantial returns. Of the six new crypto billionaires created over the past year, five have attributed their wealth to bitcoin. This underscores the increasing popularity and value of bitcoin as a primary cryptocurrency for investment.
The Wealthiest Crypto Billionaires
Forbes reports that Changpeng Zhao, the founder of Binance, remains the richest crypto billionaire for the third consecutive year, with an estimated wealth of $33 billion. Other notable figures in the crypto billionaire list include Brian Armstrong, the co-founder of Coinbase, and Giancarlo Devasini, the chief financial officer of Tether.
While some crypto assets may still be below their 2021 highs, the overall market cap of crypto assets has increased to $2.3 trillion. This growth is fueled by the rising acceptance of crypto assets among major asset managers and financial institutions.
Crypto wealth is not only creating more millionaires and billionaires but also influencing the geographical distribution of the rich. Many crypto investors are considering moving to tax-friendly and crypto-friendly jurisdictions. Henley & Partners have seen a significant uptick in crypto-wealthy clients seeking alternative residence and citizenship options.
To cater to the needs of these new crypto nomads, Henley has introduced a “Crypto Adoption Index,” which ranks countries based on their tax and regulatory approach to crypto. Singapore, known for its supportive banking system, comprehensive regulations, and alignment with global standards, tops the index. Hong Kong, the United Arab Emirates, and the U.S. follow closely behind.
The rise of crypto millionaires and billionaires represents a global phenomenon that is reshaping the traditional wealth landscape. As the crypto market continues to evolve and attract institutional investors, the wealth distribution will likely see further shifts, with crypto-friendly jurisdictions becoming preferred destinations for the rich.