The number of crypto millionaires has surged like never before

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According to a report by consultancy firm Henley & Partners, the number of individuals with over $1 million in cryptocurrencies nearly doubled this year. The study also highlighted significant growth in the number of people holding $100 million and $1 billion in crypto assets.

From Henley & Partners, Dominic Volek attributed the rise in prices and the introduction of exchange-traded crypto funds to the increase in institutional investments. This is significant as institutional investors bring large amounts of capital into the market, which can lead to price surges and increased market value. A recent study revealed that the number of cryptocurrency millionaires almost doubled over the past year as more people invested in digital currencies and prices surged.

The British investment migration consultancy Henley & Partners reported a staggering 95% increase in the number of individuals who owned more than $1 million in crypto assets this year, reaching 172,300. The number of Bitcoin millionaires also more than doubled, reaching an impressive 85,400.

The report noted that there are now 325 centi-millionaires in crypto—those with $100 million or more—reflecting a 79% increase, and 28 crypto billionaires, an increase of 27%.

According to Henry Burrows, founder of the UK-based blockchain analytics firm Hoptrail, it is estimated that 34% of individuals aged 24 to 35 worldwide own cryptocurrencies, making this age group the largest segment of crypto holders.

Henley & Partners also reported a substantial 89% increase in the total market value of crypto assets, which reached a monumental $2.3 trillion.

Dominic Volek, the group’s head of private clients, underscored the profound impact of rising prices and the launch of crypto exchange-traded funds (ETFs) on the market.

“The cryptocurrency landscape in 2024 is vastly different from previous years,” Volek stated. “Bitcoin’s surge to over $73,000 in March set a new record, and the much-anticipated approval of spot Bitcoin and Ethereum ETFs in the U.S. brought a wave of institutional investment.”

Over the past year, Bitcoin’s value has more than doubled, while the values of Ether and Dogecoin have increased by approximately 50%.