The global population of crypto millionaires surged by 95% over the past year, driven by the rise of bitcoin ETFs and other crypto assets, according to a report by New World Wealth and Henley & Partners. The number of individuals holding over $1 million in crypto assets has risen to 172,300, up from 88,200 last year. The count of pure bitcoin millionaires more than doubled, reaching 85,400.
The expansion of crypto wealth extends up the wealth ladder, with the report noting 325 crypto centi-millionaires (those with $100 million or more in crypto holdings) and 28 crypto billionaires. This growth is largely attributed to the rapid adoption of bitcoin ETFs, which have accumulated over $50 billion in assets since their introduction in January, triggering increased institutional participation.
Bitcoin’s price has climbed 45% this year, reaching approximately $64,000. As other cryptocurrencies have gained value, the total market capitalization of crypto assets has soared to $2.3 trillion, up from $1.2 trillion the previous summer. Of the six new crypto billionaires created this year, five owe their wealth primarily to bitcoin, highlighting its dominant role in attracting long-term investors.
For the third consecutive year, Changpeng Zhao, founder and former CEO of Binance, tops the list of the wealthiest crypto billionaires, with an estimated net worth of $33 billion. Zhao’s wealth has grown by over $10.5 billion in the past year, despite his recent legal issues in the U.S. Ranking second is Brian Armstrong, co-founder of Coinbase, with a net worth of $11 billion, followed by Giancarlo Devasini of Tether and Michael Saylor of MicroStrategy.
As crypto assets continue to gain acceptance among major asset managers like BlackRock and Fidelity, the report suggests that this trend could fuel further wealth creation among large crypto holders. Additionally, many newly wealthy crypto investors are seeking to relocate to tax-friendly and crypto-friendly jurisdictions, with Singapore ranking first on Henley’s “Crypto Adoption Index” due to its supportive regulatory environment.
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