The Crypto Wealth Report 2024 reveals a 111% increase in Bitcoin millionaires

The number of crypto billionaires rose to 28, with 6 new billionaires in 2024. Singapore leads the "Crypto Adoption Index" due to its favorable tax and regulatory environment.

A recent report by Henley & Partners has revealed a substantial increase in crypto millionaires and billionaires globally. According to the report, the number of individuals holding over $1 million in crypto assets has surged by 95%, reaching 172,300 worldwide.

Of these, 85,400 are Bitcoin millionaires, marking a 111% increase compared to last year. This rapid growth in crypto wealth is largely attributed to the booming market and rising adoption of digital currencies.

The report also highlights a significant rise in the number of crypto billionaires, now totaling 28 globally. 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 has played a crucial role in creating this wealth, with its price surging by 45% this year and 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.

The launch of Bitcoin ETFs in January, which now hold over $50 billion in assets, has been a key driver of this growth. Also, the increasing involvement of institutional investors, including major asset managers like BlackRock and Fidelity, has further fueled the rise in crypto wealth.

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.

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