London (United Kingdom): In 2024, the world witnessed an explosive growth of crypto millionaires, marking a significant shift in the financial landscape. According to the Crypto Wealth Report 2024 by Henley and Partners, the number of individuals worldwide holding over USD 1 million in crypto assets surged by 95 per cent from the previous year, reaching a staggering 172,300. The report also revealed that the total market value of crypto assets soared to USD 2.3 trillion, showcasing an 89 per cent increase from the previous year.
This unprecedented growth was largely attributed to the introduction of crypto ETFs in major financial markets, which attracted substantial institutional capital.
Dominic Volek, Group Head of Private Clients at Henley and Partners, emphasised that this new era of crypto adoption has blurred the lines between digital assets and traditional finance, propelling the cryptocurrency landscape into uncharted territories.
The report featured exclusive insights from leading academics, industry experts, and key players in the crypto sphere. Andrew Amoils, Head of Research at New World Wealth, highlighted the dominance of Bitcoin in driving the growth of crypto millionaires and billionaires. Notably, Bitcoin's surge to over USD 73,000 and the long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA played pivotal roles in attracting institutional investors.
Amidst the digital gold rush, the report delved into various considerations for investors, including regulatory environments, technological infrastructure, estate planning for digital assets, decentralised finance, and the impact of cryptocurrencies on traditional financial systems. António Henriques, CEO of Bison Bank, emphasised the transformative potential of cryptocurrencies in challenging the dominance of traditional fiat currencies, envisioning a new era in global finance where digital assets intersect with traditional money.