88,000 new crypto millionaires have been created during the market rise this year.
Six new crypto billionaires were also created, five of which held bitcoin.
Singapore continues to be the “premier crypto hub.”
The recent cryptocurrency bull market has created more than 88,000 new crypto millionaires and six crypto billionaires in 2024, according to a report by New World Wealth and Henley & Partners.
Globally there are now 172,000 people that hold over $1 million worth of cryptocurrency, a 95% increase from last year. This comes after a market surge that saw bitcoin (BTC) reach record high of $73,800 in March.
Buoyed by bullish sentiment and the release of several U.S. spot exchange-traded funds (ETFs), bitcoin has experienced its strongest period of growth since 2020, when. it was trading at $42,500.
The report adds that the amount of centi-millionaires, individuals with assets of over $100 million, has increased 79% to 325. Bitcoin was the largest contributor to the rise in billionaires, with five of the six billionaires becoming so through bitcoin investment.
Crypto-wealthy investors have also demonstrated a trend of securing residency in crypto and tax-friendly jurisdictions. Singapore remains the the “premier cryptocurrency hub” due to excelling in regulatory framework and infrastructure development, whilst the UAE ranks third with its significant tax advantages.
“The crypto millionaires of 2024 are not content with digital riches alone; they seek the freedom of global mobility to match their borderless assets,” said Dominic Volek, group head of private clients at Henley & Partners.