Crypto Bull Market Creates 88,000 New Millionaires in 2024

Bitcoin investments drive the rise of new billionaires, with Singapore as the top crypto hub.

The cryptocurrency bull market of 2024 has led to a dramatic increase in crypto wealth, creating 88,000 new millionaires and six new billionaires, according to a report from New World Wealth and Henley & Partners. This surge in wealth reflects the bullish momentum seen across the crypto market, particularly in Bitcoin, which reached an all-time high of $73,800 in March this year.

The report highlights that globally, there are now 172,000 individuals who hold more than $1 million worth of cryptocurrency, marking a 95% increase from the previous year. The growth in the number of centi-millionaires, those with assets over $100 million, also saw a significant rise, increasing by 79% to 325 individuals. Bitcoin has been a major contributor to this wealth creation, with five of the six new billionaires achieving their status through investments in Bitcoin.

In addition to growing their digital wealth, many of these crypto millionaires and billionaires are seeking residency in jurisdictions that offer favorable conditions for cryptocurrency and tax policies. Singapore remains the leading destination for crypto investors, praised for its robust regulatory framework and advanced infrastructure, making it the "premier cryptocurrency hub." Meanwhile, the United Arab Emirates (UAE) ranks third, attracting crypto investors with its substantial 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. This trend underscores the growing appeal of countries that not only support the growth of digital assets but also offer the flexibility and benefits that align with the global nature of cryptocurrency.

photo source / Blockonome