As a seasoned analyst with over two decades of experience in the financial industry, I must say that the surge in crypto millionaires is nothing short of phenomenal. The rapid growth in this sector has been a game-changer for many individuals who have managed to amass significant wealth through savvy investments in cryptocurrencies.
In the year 2024, the count of individuals boasting cryptocurrency fortunes worth over a million almost doubled, climbing up to approximately 172,300, thanks to a significant increase in the value of Bitcoin ETFs and various other digital currencies.
According to a recent study by New World Wealth and Henley & Partners, there has been a significant 95% increase in the number of millionaires worldwide who own cryptocurrency over the past year. This growth is attributed to the growing popularity of Bitcoin exchange-traded funds and other digital currencies.
Approximately 172 thousand people across the globe have surpassed a million dollars in cryptocurrency holdings, which is almost double compared to 2023’s figure of 88,200. Remarkably, the number of Bitcoin millionaires has more than doubled, reaching 85,400 during this timeframe.
The value of cryptocurrencies has experienced substantial growth, resulting in 325 people being identified as crypto centimillionaires (holding $100 million or more in cryptocurrency) and 28 crypto billionaires. This rapid expansion is largely attributed to the proliferation of Bitcoin spot ETFs, which have accumulated over $50 billion in assets since their launch in January, stimulating a surge in institutional investment.
In an interview for CNBC, Andrew Amoils, head of research at New World Wealth, noted that out of the six new crypto billionaires in 2023, five made their fortunes from Bitcoin. This highlights Bitcoin’s significant role as a top choice among long-term investors who prefer to buy substantial holdings.
Investors seeking crypto friendly countries
Cryptocurrency is not only influencing wealth distribution but also the geographical locations where the affluent reside and carry out their professional activities. Experts at Henley & Partners have observed an increase in crypto millionaires who are interested in moving to tax-advantageous and cryptocurrency-accepting regions, as they have noted a surge in clients with crypto wealth seeking alternative residency and citizenship opportunities.
Henley & Partners constructed an index to evaluate countries based on their tax and regulatory systems. Notably, Singapore ranked first in this index, largely due to its robust banking system, substantial investments, extensive regulations like the Payment Services Act, experimental regulatory sandboxes, and adherence to international standards.
After Singapore, Hong Kong is the second most popular destination, followed closely by the United Arab Emirates and the United States as well.
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2024-08-27 10:31