The latest report from Henley & Partners, a leading international wealth and investment migration consultancy, reveals a significant shift in global wealth distribution as the number of cryptocurrency millionaires continues to surge. The “Crypto Wealth Report 2024” highlights the growing influence of digital assets in the financial portfolios of the world’s wealthiest individuals.
According to the report, there are now 172,300 individuals worldwide holding over USD 1 million in crypto assets a 95% increase compared to last year with the number of Bitcoin millionaires soaring by 111% to 85,400, according to the Crypto Wealth Report 2024 published by leading international wealth and investment migration specialists Henley & Partners.
The market value of crypto assets has surged to an impressive USD 2.3 trillion, marking an 89% increase from last year’s USD 1.2 trillion as reported in the firm’s initial study. The upper tiers of crypto wealth have also seen substantial growth, with the number of Cryptocurrency Millionaires holding USD 100 million or more in crypto rising by 79% to 325. Meanwhile, the exclusive group of crypto billionaires has grown by 27% to 28 individuals worldwide.
Dominic Volek, Group Head of Private Clients at Henley & Partners, says the rapid growth has been fueled by the introduction of crypto ETFs in major financial markets, ushering in significant institutional capital.
“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over USD 73,000 in March set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital. Anticipation now builds for potential Solana ETFs joining the Wall Street party. These milestones have seeded a new era of crypto adoption, one where digital asset increasingly cross-pollinate with traditional finance and global mobility.” Dominic Volek of Henley & Partners said in the report.
Henley & Partners has experienced a marked increase in Cryptocurrency Millionaires clients seeking alternative residence and citizenship options in 2024. To navigate this evolving crypto landscape, the firm has launched its second annual Henley Crypto Adoption Index. This comprehensive tool assesses investment migration programs from a crypto investor’s perspective, factoring in public adoption, infrastructure, innovation and technology, regulatory environment, economic conditions, and tax-friendliness.
The index highlights Singapore’s continued dominance as the leading cryptocurrency hub, earning the highest score of 45.7 out of 60. Singapore excels in technological innovation, regulatory frameworks, and infrastructure development. Close behind is Hong Kong (SAR China), recognized for its strong economic fundamentals and investor-friendly tax policies.
The UAE ranks third, offering significant tax advantages and a rapidly growing digital economy. Importantly, none of these top three countries impose capital gains tax, a key benefit for crypto investors and high-net-worth individuals.
Volek observes that as the distinction between traditional and digital finance fades, the connection between investment migration and cryptocurrencies is becoming increasingly robust. “The crypto millionaires of 2024 are not content with digital riches alone; they seek the freedom of global mobility to match their borderless assets.
As nations compete to attract this new wave of digital wealth, we can expect investment migration programs to evolve, catering to the unique needs of the crypto elite. In this digital gold rush, the most successful jurisdictions will be those that can offer a holistic ecosystem for crypto investors combining favorable regulations, robust infrastructure, and pathways to alternative citizenship or residence.” Volek concluded
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