A new report by Henley & Partners shows an explosive increase in crypto wealth globally. According to the Crypto Wealth Report 2024, the number of bitcoin millionaires surged 111% to 85,400, while individuals holding crypto assets worth $1 million or more increased by 95%, reaching 172,300. Moreover, centi-millionaire crypto holders (assets over $100 million) rose 79% to 325, and the number of crypto billionaires grew 27% to 28.
ETFs and BTC Rally Fuel Wealth Boom
Dominic Volek, Group Head of Private Clients at Henley & Partners, attributed this surge to the launch of spot cryptocurrency ETFs in major financial markets and bitcoin's rally above $70,000. "These milestones have seeded a new era of crypto adoption, where digital assets increasingly cross-pollinate with traditional finance and global mobility," Volek said. He also noted that the anticipated approval of a Solana spot ETF could be the next major catalyst.
The report also highlights that the total number of crypto users grew 32% to 560 million, with bitcoin users increasing 31% to 275 million. This indicates that despite ongoing market volatility, cryptocurrency adoption continues to expand significantly.
Industry Insights: From Small Capital to Key Assets
Henry Burrows, CEO of Hoptrail, pointed to the staggering returns generated from relatively small initial capital as a key factor behind the rise in wealthy crypto holders. Lark Davis, a crypto investor and founder of Wealth Mastery, identified Ethereum as the "keystone asset of the market," arguing that its evolution demonstrates cryptocurrencies are no longer just simple currency alternatives.
Singapore Tops Crypto Hub Rankings
Alongside the wealth report, Henley & Partners released the second Henley Crypto Adoption Index. Evaluating countries from a crypto investor's perspective, the index ranked Singapore first with a score of 45.7 out of 60. Hong Kong followed with 42.1, the UAE with 41.8, the US with 41.7, and the UK with 36.1. Singapore's clear regulatory framework, favorable tax policies, and robust financial infrastructure make it the preferred destination for crypto high-net-worth individuals.
Overall, the report paints a picture of explosive growth in crypto wealth and underscores the rapidly dissolving boundaries between traditional finance and digital assets. With more ETFs on the horizon and sustained institutional inflows, the wealth effect in the crypto market is expected to expand further.