The Crypto Bull Market Has Created 88K New Millionaires in 2024: Henley Global

As a seasoned researcher with over three decades of experience under my belt, I’ve witnessed the rise and fall of numerous financial markets. The recent cryptocurrency bull market has caught my attention like never before. In my career, I’ve seen the creation of thousands of new millionaires, but the 88,000 crypto millionaires this year is a phenomenon that’s hard to ignore. It’s a testament to the power of decentralized finance and the allure of digital wealth in our increasingly interconnected world.

2024 saw the emergence of over 88,000 new cryptocurrency millionaires and six individuals boasting crypto-based billions, as per a report compiled by New World Wealth and Henley & Partners, signifying a significant surge in wealth within the digital currency market.

Bitcoin has seen remarkable growth recently, driven by optimistic market attitudes and the introduction of various U.S. spot exchange-traded funds (ETFs). This digital currency started the year trading at $42,500, marking its most robust expansion phase since 2020.

The report indicates that the number of centi-millionaires, or individuals possessing assets exceeding $100 million, has surged by 79% to reach 325. Notably, Bitcoin played a significant role in the growth of billionaires, as five out of the six newly minted billionaires accrued their wealth through Bitcoin investments.

Prosperous investors who deal primarily with cryptocurrencies have shown a preference for establishing residency in countries that offer favorable regulations regarding crypto and taxes. Singapore stands out as a leading hub for cryptocurrency due to its robust regulatory structure and advancements in infrastructure, while the UAE ranks third by offering substantial tax incentives.

Dominic Volek, head of private clients at Henley & Partners, stated that by 2024, those who have amassed millions in cryptocurrency are not satisfied with just digital wealth; they aim to secure the freedom for global travel that aligns with their assets that transcend borders.