The recent cryptocurrency bull market has generated more than 88,000 new crypto millionaires and six new crypto billionaires in 2024, according to a report by New World Wealth and Henley & Partners. Among the six new billionaires, five achieved their wealth through bitcoin investments.

Globally, there are now 172,000 individuals holding over $1 million worth of cryptocurrency, representing a 95% increase from last year. This surge follows a market upswing that saw bitcoin (BTC) reach a record high of $73,800 in March. Bolstered by bullish sentiment and the release of several U.S. spot exchange-traded funds (ETFs), bitcoin has experienced its most significant growth since 2020 when it was trading at $42,500.

The report further highlights that the number of centi-millionaires—those with assets exceeding $100 million—has risen by 79% to 325. Bitcoin was the primary contributor to the rise in billionaires, with five of the six becoming billionaires through bitcoin investments.

Global Mobility and Crypto Hubs

Crypto-wealthy investors are increasingly seeking residency in jurisdictions that are friendly to cryptocurrency and offer tax advantages. Singapore continues to be recognized as the “premier cryptocurrency hub” due to its strong regulatory framework and infrastructure development. The UAE ranks third, offering significant tax benefits. For more insights into why Singapore remains a top crypto destination, read this article on cryptocurrency hubs.

“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. This trend underscores the growing importance of securing favorable legal and tax environments for digital assets.

The Future of Crypto Wealth

As the crypto market continues to evolve, so too will the strategies of wealthy investors. The rise in crypto millionaires and billionaires reflects not just market success, but also the broader adoption of cryptocurrencies in global finance. For a deeper understanding of the implications of this rise, explore this detailed report on cryptocurrency adoption.