- Bitcoin millionaires grew 111% in a year, reaching 85,400 individuals.
- Global crypto millionaires increased by 95%, hitting 172,300.
Bitcoin millionaires surged by 111% in the past year, according to Henley & Partners’ 2024 Crypto Wealth Report. As of July 30, there are now 85,400 individuals holding over $1 million worth of Bitcoin, marking a significant increase from the previous year. This growth reflects the overall rise in crypto wealth. Additionally, the total number of crypto millionaires worldwide grew by 95%, reaching 172,300.
Bitcoin’s dominance in the market remains clear, as the cryptocurrency was responsible for most of this new wealth. In addition to millionaires, the number of centi-millionaires, which are people holding more than $100 million in crypto, also grew. This group expanded by 79%, now totalling 325 individuals. Bitcoin’s influence doesn’t stop there: five out of the six new crypto billionaires created in the past year owe their fortunes primarily to Bitcoin’s price surge.
Bitcoin’s Price Surge Fuels Wealth Growth
Bitcoin’s value has skyrocketed by 142% over the past year. Starting at $26,100 on August 27, 2023, it reached $63,100 by the same date in 2024. Additionally, this surge in price has significantly contributed to the creation of new millionaires and billionaires within the crypto space.
The launch of spot Bitcoin exchange-traded funds (ETFs) has played a key role in this wealth creation. However, these ETFs saw over $200 million in inflows on August 26 alone, attracting more institutional interest in Bitcoin and other cryptocurrencies. This influx of capital has been instrumental in driving the value of Bitcoin higher, solidifying its place as a leading asset in the digital currency market.
Changpeng Zhao, the founder of Binance, remains the richest crypto billionaire for the third consecutive year, with a net worth of approximately $33 billion. Despite facing legal challenges in the U.S., his wealth increased by $10.5 billion in the past year alone.
Singapore leads the way in crypto adoption, according to Henley & Partners’ Crypto Adoption Index. The country’s favourable regulatory environment and banking system make it a prime destination for crypto investors seeking to grow their wealth. As institutional investors continue to drive demand, Bitcoin’s role in creating new wealth is expected to grow, solidifying its position as a key player in the crypto world.
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