The number of crypto millionaires increases in 2024

A million dollars is a lot of coin, and the number of people holding that equivalent or more in cryptocurrency has grown over the past year.

The Crypto Wealth 2024 report published by Henley & Partners found that there are now 172,300 people worldwide who are crypto millionaires, a 95% increase from last year, and the number of bitcoin millionaires increased by 111% to 85,400.

The number of people around the world who hold at least $1 million in cryptocurrencies has grown over the past year. (iStock)

Henley & Parters determined that the total market value of crypto assets has now reached a staggering $2.3 trillion, an 89% increase from the $1.2 trillion reported in the company’s inaugural report last year.

The upper echelons of crypto wealth also grew dramatically, the data shows, with the number of crypto millionaires – those with crypto holdings of $100 million or more – increasing by 79% to 325. The number of crypto millionaires increased by 27%, to 28 people globally.

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Dominic Volek, head of the private client group at Henley & Partners, said the rapid growth was fueled by the introduction of crypto ETFs into major financial markets, bringing in significant institutional capital.

A new Bitcoin token during the NFT.NYC 2024 conference in New York, April 3, 2024. (Timothy Fadek/Bloomberg via Getty Images/Getty Images)

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors,” Volek said. “Bitcoin’s surge to over $73,000 in March set a new all-time high, while the long-awaited approval of U.S. spot Bitcoin and Ethereum ETFs unleashed a flood of institutional capital.”

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He said anticipation is now building for potential Solana ETFs joining the party on Wall Street.

“These milestones have ushered in a new era of crypto adoption, one where digital assets increasingly cross-pollinate with traditional finance and global mobility,” Volek said.

“As cryptocurrencies cement their place in the financial zeitgeist, a new class of high net worth individuals has emerged,” Volek told FOX Business.

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“These digital nomads are not just after tax optimization; they pursue jurisdictions that embrace innovation and provide regulatory environments conducive to their decentralized aspirations.”