Crypto Millionaire Insights

A recent report from the London-based consultancy firm Henley & Partners in the field of investment migration highlights the existence of over 40,000 individuals worldwide who have achieved millionaire status through their investments in the realm of cryptocurrency, particularly Bitcoin.

The "Crypto Wealth Report," unveiled on September 5, reveals that Henley & Partners estimates a total of approximately 88,200 individuals across the globe currently hold a millionaire status thanks to their involvement in cryptocurrencies, with 40,500 of them specifically holding Bitcoin (BTC), amounting to $25,740 per BTC.

Intriguingly, the report goes on to suggest that out of a pool of 182 individuals who possess a crypto wealth exceeding $100 million, a significant majority, totaling 78 individuals, are ardent supporters and holders of Bitcoin. Furthermore, a noteworthy revelation from the report is that six out of the 22 high-stakes crypto traders with wealth surpassing the billion-dollar mark have primarily accrued their fortunes through trading Bitcoin.

Cryptocurrency wealth data provided by Henley & Partners  

Fortunly's data, as of July 2023, indicates that there are approximately 56.1 million millionaires on our planet. This perspective emphasizes that those with substantial crypto holdings constitute a mere fraction, accounting for less than 0.2% of the overall millionaire population. Juerg Steffen, the CEO of Henley & Partners, underscored that the company has experienced a surge in inquiries from millionaires interested in safeguarding their wealth against potential future bans on cryptocurrency trading or usage in their respective countries, as well as mitigating the risks posed by aggressive fiscal policies targeting digital asset taxation at the source.

Cybersecurity expert Ali Khan commented on this trend, noting that an increasing number of jurisdictions acknowledge the legitimate nature of cryptocurrency-based wealth and have implemented secure storage mechanisms, complete with supportive infrastructure, treating it similarly to other tangible or intangible asset classes. Nevertheless, there remain jurisdictions that have yet to fully embrace this evolution.

It's worth mentioning that the report refrains from disclosing the identities of these crypto millionaires and billionaires. Notable figures in the crypto space include luminaries like Barry Silbert, the founder and CEO of Digital Currency Group; the Winklevoss twins, Cameron and Tyler Winklevoss, co-founders of Gemini; Changpeng Zhao, the CEO of Binance; Brian Armstrong, CEO of Coinbase; Chris Larsen, co-founder of Ripple; and Michael Saylor, the executive chairman of MicroStrategy.

In the backdrop of the cryptocurrency market's tumultuous period in 2022, which witnessed a substantial crash, the number of crypto wallet addresses holding assets equivalent to or exceeding $1 million experienced a steep decline of approximately 80,000. Forbes' report in December 2022 further chronicled the substantial financial losses suffered by many prominent industry players, totaling over $116 billion, attributable to exchange bankruptcies and the prevailing bear market conditions.