According to the Crypto Wealth Report 2024 by Henley Partners, the number of individuals holding over $1 million in digital assets has soared by 95% to 172,300.

This comes amidst a growth in the crypto market, which has seen its total value rise to $2.3 trillion, marking an 89% increase from the previous years valuation of $1.2 trillion.

Bitcoin Millionaires Rise 111%

The report revealed that the number of Bitcoin (BTC) millionaires has grown by 111% to 85,400. The number one cryptocurrency has seen notable advancements this year, including its price reaching an all-time high of over $73,000 in March and the approval of spot Bitcoin ETFs in the U.S.

The Henley Partners survey also highlighted expansion at the upper echelons of wealth. The number of crypto centi-millionaires, those with digital assets exceeding $100 million, has gone up by 79% to 325. Meanwhile, the ranks of virtual currency billionaires have also seen a 27% uptick, totaling 28 globally.

Interestingly, Andrew Amoils, Head of Research at New World Wealth, notes that the growth among millionaires has outpaced those with 10-figure fortunes and above, with BTC being a major driver of this trend. Among the six new crypto billionaires created in the past year, five are Bitcoin-centric, he explained.

Amidst this increasing wealth, investment migration has become more relevant. Henley Partners updated virtual asset adoption index revealed that Singapore remains the top destination for investors, scoring 45.7 out of 60.

Hong Kong and the UAE follow closely, both offering favorable conditions such as tax advantages and advanced digital economies.

Global Finance Shift

The report also featured opinions from several experts, with the major theme running through their views being a global financial shift occasioned by virtual currency.

António Henriques, CEO of Bison Bank, emphasized the transformative effect of such assets on global finance, stating, “We are entering a new era where digital assets are challenging the dominance of traditional fiat currencies.”

Coinshare co-founder Jean-Marie Mognetti supported Henriques’ view, noting that the SEC’s approval of spot Bitcoin ETFs is facilitating broader institutional engagement.

Furthermore, Henry Burrows, the top executive at Hoptrail, highlighted a shift in wealth generation, observing that contemporary wealth is increasingly coming from virtual assets rather than traditional investments.

Another financial expert, Lark Davis, founder of Wealth Mastery, spoke of Ethereum’s pivotal role in the sector, while Guneet Kaur of Cointelegraph pointed out the growing importance of stablecoins as a reliable investment during market fluctuations.