📣 Crypto Millionaires Surge by 95% in Wealth Boom
posted 27 Aug 2024
As detailed in The Crypto Wealth Report 2024, the number of crypto billionaires has risen by 27% over the last year, now totaling 28, while the number of millionaires has soared by 95% to 172,300. This increase closely aligns with the overall market capitalization, which climbed by 89%.
When considering only Bitcoin, the number of billionaires falls to 11 and millionaires to 85,400. Nevertheless, both categories saw higher-than-average annual growth rates of 111% and 83%, respectively. The count of ultra-wealthy individuals ($100 million+) also grew significantly, with a 79% increase among all investors and a 100% rise for Bitcoin investors alone.
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,stated Head of Research at New World Wealth, Andrew Amoils.
Experts also point out that a growing number of wealthy crypto owners are relocating to Singapore, drawn by its positive attitude towards digital assets and favorable tax environment. Hong Kong ranks second for investor migration, with the UAE coming in third.
Dominic Volek, Group Head of Private Clients at Henley & Partners, observes that crypto millionaires are seeking jurisdictions that offer both opportunities and a robust ecosystem for digital assets. He believes that cryptocurrency is driving investment immigration and vice versa.
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