The number of crypto millionaires soared by 95% in a single year, reaching 172,300 people with more than $1 million in digital assets.
Additionally, the number of centi-millionaires (those with more than $100 million) grew by 79%, and crypto-billionaires increased by 27%, reaching 28 individuals.
2024 has been a year of recovery for cryptocurrencies. Bitcoin hit a new all-time high of over $73,000 in March, while the approval of Bitcoin and Ethereum ETFs in the United States “attracted a flood of institutional capital,” the report explains.
Furthermore, Solana is also expected to join this trend soon, which could “further cement the relationship between digital assets and traditional finance.”
Singapore attracts cryptocurrency investors
According to its Crypto Adoption Index, Singapore is positioned as a leader in institutional adoption, infrastructure, innovation, regulatory environment and tax policy to attract cryptocurrency investors, closely followed by Hong Kong and the United Arab Emirates (UAE), standing out for their favorable environments for crypto adoption.
Henley & Partners, the creator of the index, has seen a surge in crypto-rich clients seeking alternative residency and citizenship options, guided by investments in the industry.
Singapore, with its regulatory framework for stablecoins, and Hong Kong, with the approval of crypto ETFs, stood out in the index for promoting the integration of digital assets with traditional finance.
In the Middle East, the United Arab Emirates continues to attract crypto wealth with its zero taxation capital gains and progressive regulations, while in Europe, Malta and Switzerland maintain robust programs for crypto investors, Henley & Partners notes.
The crypto elite seeks mobility
According to the report, the new crypto-millionaires are looking for more than just digital wealth. They are also interested in the freedom of global mobility that complements their borderless assets. As countries compete to attract this new wave of digital wealth, there is likely to be a rise in migration programs to meet the unique needs of the crypto elite.
