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Bitcoin Surge Creates 6 New Billionaires and 88,000 Millionaires in 2024
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Bitcoin Surge Creates New Billionaires and 88,000 Millionaires in 2024
The recent cryptocurrency bull market has significantly reshaped the financial landscape, producing 88,000 new crypto millionaires and six new billionaires in 2024 alone. According to a report by New World Wealth and Henley & Partners, this surge has brought the global number of people holding over $1 million in cryptocurrency to 172,000—a 95% increase from the previous year.
Bitcoin Leads the Charge
Bitcoin has been the driving force behind this wealth creation. The cryptocurrency reached an all-time high of $73,800 in March, fueled by bullish market sentiment and the launch of several U.S. spot exchange-traded funds (ETFs). This marks Bitcoin's strongest growth phase since 2020 when it was trading at $42,500. Notably, five of the six new billionaires owe their fortunes to Bitcoin investments.
Rise of Centi-Millionaires and Global Mobility
The report also highlights a 79% increase in the number of centi-millionaires—individuals with assets exceeding $100 million—now totaling 325. As their wealth grows, many of these crypto-rich investors are seeking residency in crypto-friendly and tax-efficient jurisdictions. Singapore remains a top destination due to its strong regulatory framework and infrastructure, while the UAE ranks third, offering significant tax benefits.
The New Era of Global Mobility
Dominic Volek, group head of private clients at Henley & Partners, noted that the crypto millionaires of 2024 are not just content with their digital wealth. They are also prioritizing global mobility, seeking to align their borderless assets with the freedom to move across borders easily.
