The number of crypto millionaires worldwide has increased to 172,300 individuals, while the number of Bitcoin millionaires soared by 111% to 85,400, according to the Crypto Wealth Report 2024 by leading international wealth and investment migration specialists, Henley & Partners.

The overall market value of cryptocurrency assets has surged to an impressive USD 2.3 trillion, reflecting an 89% rise from the USD 1.2 trillion recorded in the inaugural Crypto Wealth Report published in 2023.

• The top tier of crypto wealth has also seen significant expansion, with the number of crypto centi-millionaires (individuals holding USD 100 million or more in crypto) increasing by 79% to 325

• Additionally, the exclusive group of crypto billionaires has grown by 27%, now totaling 28 worldwide

• Billionaire growth unsurprisingly grew the least but was mainly driven by Bitcoin, while the millionaire band performed best over the past year.

Statistics compiled by June 30, 2024. Total Crypto users also grew 32% to 560 million while Bitcoin users grew 31% to 275 million.

Of the six new crypto billionaires created over the past year, five came from Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings, said the report.

According to Dominic Volek, Group Head of Private Clients at Henley & Partners, the rapid growth has been driven by the launch of crypto ETFs in major financial markets, bringing in substantial institutional capital.

“The cryptocurrency landscape of 2024 bears little resemblance to its predecessors. Bitcoin’s rise to over USD 73,000 in March [2024] set a new all-time high, while the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital. Anticipation now builds for potential Solana ETFs joining the Wall Street party.

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

At the same time, Henley & Partners Crypto Adoption Index revealed Singapore as world’s premier cryptocurrency hub.

• Singapore excels in areas such as technological innovation, regulatory framework, and infrastructure development.

• Following closely is Hong Kong (SAR China), distinguished by its strong economic fundamentals and investor-friendly tax policies.

• The UAE secures the 3rd position, offering significant tax advantages and a rapidly expanding digital economy.

Notably, none of these three countries levies capital gains tax, which is a significant advantage, especially for crypto investors and high-net-worth individuals.

Only Mauritius from Africa was ranked in the top 20 (15th) in the Henley & Partner’s adoption index, with the government praised for supporting digital financial initiatives.  The Financial Services Commission (FSC) is actively developing regulatory guidelines that balance innovation with investor protection, and the introduction of regulatory sandboxes provides a controlled environment for startups to test new ideas.

This strategic approach, combined with Mauritius’s attractive tax policies, is contributing to its emerging role in Africa’s growing crypto landscape.

“The crypto millionaires of 2024 are not content with digital riches alone; they seek the freedom of global mobility to match their borderless assets. As nations compete to attract this new wave of digital wealth, we can expect investment migration programs to evolve, catering to the unique needs of the crypto elite,” said Volek.

“In this digital gold rush, the most successful jurisdictions will be those that can offer a holistic ecosystem for crypto investors — combining favorable regulations, robust infrastructure, and pathways to alternative citizenship or residence.”

As reported by BitKE, Mauritius was the only African country among the top 50 ‘Most Crypto-ready’ nations according to the 2021 index at position 22.

Mauritius is the Only African Country Among the Top 50 ‘Most Crypto-Ready’ Nations, Latest 2021 Index Reveals: https://t.co/ETP5OW076e

— BitKE (@BitcoinKE) July 2, 2021

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