In 2024, the global cryptocurrency market will undergo major changes, with a significant increase in the number of crypto millionaires and billionaires.
This rapid expansion underscores the growing influence of digital assets in the global financial landscape, as highlighted in Henley & Partners' recently published Crypto Wealth Report 2024.
How many cryptocurrency millionaires are there?
- Global cryptocurrency market value: The total market capitalization of crypto assets reached a staggering $2.3 trillion, up 89% from $1.2 trillion the previous year.
- Bitcoin's all-time high: Bitcoin hit a new all-time high in March 2024, surpassing $73,000.
| Global cryptocurrency assets statistics | Cipher | Bitcoin |
|---|---|---|
| Billionaire | 172,300 (+95%) | 85,400 (+111%) |
| Centimillionaire | 325 (+79%) | 156 (+100%) |
| Billionaire | 28 (+27%) | 11 (+83%) |
| Total number of cryptocurrency users (millions) | 560 (+32%) | 275 (+31%) |
| Total Market Value (Trillion USD) | 2.3 (+89%) | 1.2 (+103%) |
- Cryptocurrency millionaires on the rise: The number of individuals with crypto assets of over $1 million increased by 95% to 172,300, of which Bitcoin millionaires recorded an astounding 111% increase, bringing the total to 85,400.
- Millionaires and Billionaires: The top tier of crypto assets has expanded significantly, with the number of crypto holders with over $1 million (centimillionaires) growing by 79% to 325, while the group of crypto millionaires has grown by 27% and now stands at 28 worldwide.
So who are the richest cryptocurrency billionaires?
- According to Forbes, the richest crypto billionaire for the third year in a row is Changpeng Zhao, founder and former CEO of crypto exchange Binance, with an estimated fortune of $33 billion.
- In second place is Coinbase co-founder Brian Armstrong, with an estimated net worth of $11 billion, according to Forbes magazine.
- He is followed by Tether Chief Financial Officer Giancarlo Devassini and MicroStrategy co-founder Michael Saylor, according to the list.
Six new crypto millionaires were created in the past year, five of whom made their fortunes primarily through Bitcoin, highlighting Bitcoin's dominance in the market. The millionaire segment has performed particularly well, reflecting growing confidence in cryptocurrencies as a long-term investment.
Andrew Amoyles, Head of Research at New World Wealth
Why did Bitcoin skyrocket in 2024?
After experiencing significant declines in 2022 and 2023, Bitcoin has made a strong comeback in 2024. The cryptocurrency saw a significant rally on March 8 and March 14, hitting new all-time highs. This comeback highlighted the renewed confidence and growing interest in the cryptocurrency market, catching the attention of investors around the world.
- Dominic Borek, Group Head of Private Clients at Henley & Partners This rapid growth has been driven by the introduction of cryptocurrency ETFs in major financial markets, which has brought significant institutional investment into the crypto space. Volek noted that the Solana ETF is joining the fray, raising hopes that it will further strengthen the role of digital assets in global financial markets.
- Jean-Marie Mognetti, CEO and co-founder of CoinShares The approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) marks 2024 as a transformative year for the digital assets industry, paving the way for broader institutional adoption, and highlights Bitcoin's growing importance in the financial world, given its potential to improve the performance of traditional investment portfolios.
The big picture: The report also highlights a paradigm shift in wealth creation. Unlike previous generations, where wealth was primarily generated from real estate and stocks, today's wealth is increasingly being generated from digital assets such as Bitcoin, Ethereum and NFTs, as well as decentralized finance activities such as yield farming and staking. This shift is allowing for large gains to be made with a relatively small initial investment, contributing to the rapid growth of cryptocurrency wealth.
Where does cryptocurrency wealth come from?
The 2024 Crypto Asset Report provides in-depth insights beyond the headline numbers, exploring the regulatory environment, technology infrastructure, wealth planning for digital assets, and the rise of decentralized finance (DeFi) shaping the cryptocurrency market. The report also includes an updated Henry Crypto Adoption Index, which ranks countries based on their attractiveness to crypto investors.
- Singapore continues to be the top destination for cryptocurrency wealth, scoring 45.7 out of 60 points thanks to its strong technological innovation, regulatory framework, and infrastructure development.
- Hong Kong (a Special Administrative Region of China) follows suit due to its strong economic fundamentals and investor-friendly tax regime.
- Securing third place, the UAE offers significant tax incentives and opportunities thanks to its rapidly expanding digital economy, making it an attractive destination for cryptocurrency investors.
How do we attract cryptocurrency millionaires?
As the lines between traditional and digital finance become blurred, there is growing synergy between investment migration and cryptocurrencies. The Index also highlights the importance of investment migration programs to attract crypto wealth.
- Innovative approach: Countries such as Cyprus and Malta in Europe and Antigua and Barbuda in the Caribbean are emerging as attractive investment destinations due to their progressive regulations and innovative approaches to digital assets.
- A complete ecosystem: The report highlights that the most successful jurisdictions will be those that are able to combine favorable regulation, robust infrastructure, and alternative citizenship and residency pathways to offer a comprehensive ecosystem for cryptocurrency investors.
What are the new trends in the cryptocurrency market?
- Digital Gold Rush: As the cryptocurrency market evolves, the wealth creation paradigm is shifting as well. While real estate and stocks were traditional sources of wealth, today's wealth is increasingly being built with Bitcoin, Ethereum, NFTs, and other digital assets. Hoptrail CEO Henry Burrows sees incredible returns that can be realized from relatively small initial capital investments in these new financial instruments.
- Ethereum's role: While Bitcoin often dominates the news headlines, Ethereum plays a vital role in the cryptocurrency ecosystem, with cryptocurrency investor Lark Davis highlighting that much of what's built in crypto is either based on Ethereum or provides a liquidity bridge to Ethereum, demonstrating its fundamental importance:
- Stablecoins: Guneet Kaul, editor of Cointelegraph, highlighted the role of stablecoins in providing a haven for investors and offering safety and transparency amid the volatility of other cryptocurrencies:
