Bitcoin Millionaires Surge by 111% as Crypto Wealth Grows Globally

The number of Bitcoin millionaires has skyrocketed over the past year, with a new report showing a 111% increase in individuals holding over $1 million in BTC.

According to the Crypto Wealth Report 2024 by Henley and Partners, as of July 30, 2024, approximately 85,400 people worldwide have reached this milestone.

The surge in Bitcoin millionaires is part of a broader trend in the cryptocurrency space. The report reveals that the total number of people holding more than $1 million in various cryptocurrencies has almost doubled, rising from 88,200 to 172,300 over the past year—a 95% increase.

Notably, the "upper echelons" of crypto wealth have also seen substantial growth. The number of centi-millionaires—individuals with over $100 million in cryptocurrency—has grown by 79%, now totaling 325 people. Additionally, six new crypto billionaires have emerged, bringing the total number of billionaires in the crypto world to 28.

Henley and Partners’ report, which rounded millionaire statistics to the nearest hundred, covered the period from July 1, 2023, to June 30, 2024. The data used in the report was compiled using a combination of in-house wealth tier models and open-source information from major crypto platforms such as CoinMarketCap, Binance, BscScan, and Etherscan, according to Cointelegraph.

Andrew Amoils, the head of research at New World Wealth, highlighted Bitcoin’s role in driving the increase in crypto billionaires. He noted that five out of the six new crypto billionaires made their fortune primarily through Bitcoin, underscoring the cryptocurrency's dominance among long-term investors with large holdings.

The report also attributes the rise in crypto wealth to the introduction of spot Bitcoin exchange-traded funds (ETFs), which have been a significant catalyst for the broader rally in the crypto market. On August 26, 2024, spot Bitcoin products saw over $200 million in fresh inflows—the largest single-day increase in the past 35 days—further fueling the growth in the number of crypto millionaires.

Overall, the rapid increase in the number of crypto millionaires and billionaires reflects the growing influence of digital assets in global wealth distribution, as more investors continue to accumulate significant fortunes through cryptocurrencies.

Bitcoin Millionaires Surge by 111% as Crypto Wealth Grows Globally

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