In the wake of the recent cryptocurrency bull market, 2024 has witnessed the creation of over 88,000 new crypto millionaires and the emergence of six crypto billionaires, as outlined in a report by New World Wealth and Henley & Partners.

Globally, the number of individuals holding cryptocurrency assets exceeding $1 million has swelled to 172,000—a staggering 95% increase compared to the previous year. This surge coincides with Bitcoin (BTC) hitting an unprecedented high of $73,800 in March, fueled by an upswing in market sentiment and the advent of several U.S. spot exchange-traded funds (ETFs).

Bitcoin’s robust performance marks its most significant growth phase since 2020 when it was valued at $42,500. The report further highlights a sharp increase in centi-millionaires—those with assets exceeding $100 million—rising by 79% to reach a total of 325. Bitcoin was the dominant driver behind the billionaire count, with five of the six new billionaires amassing their wealth through Bitcoin investments.

Moreover, a noticeable trend has emerged among crypto-affluent investors: a quest for residency in jurisdictions favorable to cryptocurrency and taxation. Singapore has solidified its status as the “premier cryptocurrency hub,” boasting a superior regulatory framework and infrastructure. The UAE follows closely, ranking third, largely due to its significant tax advantages.

“The crypto millionaires of 2024 are not merely content with digital wealth; they aspire to a lifestyle of global mobility that complements their borderless assets,” remarked Dominic Volek, Group Head of Private Clients at Henley & Partners.

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This surge in crypto wealth underscores the expanding influence of digital currencies in the global financial landscape, driving not just economic but also geographical shifts among the newly affluent.