Key Points:
- London-based investment migration consultancy firm Henley & Partners reveals there are over 40,000 crypto millionaires globally
- Of the 88,200 millionaires worldwide with crypto holdings, 40,500 are holding Bitcoin
- 78 out of 182 individuals holding more than $100 million worth of crypto are Bitcoiners
- Six out of 22 crypto traders who amassed over $1 billion made their fortunes from trading Bitcoin
A recent report published by Henley & Partners, a London-based investment migration consultancy firm, suggests that there are now more than 40,000 millionaires in the world holding Bitcoin. The report, titled "Crypto Wealth Report," reveals that out of the 88,200 millionaires worldwide with crypto holdings, a significant proportion, 40,500, are holding Bitcoin (BTC). The report also highlights that among the 182 individuals who hold more than $100 million worth of crypto, 78 of them are Bitcoiners. Furthermore, it states that six out of the 22 crypto traders who amassed fortunes of over $1 billion made their wealth from trading Bitcoin.
A Small Percentage of Millionaires Hold Significant Crypto Holdings
The report by Henley & Partners puts the number of millionaires on Earth at approximately 56.1 million in July 2023. This suggests that less than 0.2% of millionaires globally have significant crypto holdings. Juerg Steffen, the CEO of Henley & Partners, stated that the firm has observed a surge in inquiries related to cryptocurrencies from millionaires in the past six months. He believes this is due to their concerns of potential future bans on cryptocurrency trading or use in their respective countries, as well as fears of aggressive fiscal policies that impose high taxes on digital assets.
Crypto Wealth Recognized by an Increasing Number of Jurisdictions
Ali Khan, a cybersecurity specialist, commented on the report, stating that the leadership of numerous jurisdictions now acknowledges the legitimate nature of crypto wealth. Many countries have established mechanisms to securely store cryptocurrencies, treating them similarly to traditional tangible or intangible assets. However, there are still jurisdictions that have yet to fully embrace cryptocurrencies.
Notable Crypto Figures in the Millionaire Club
While the report does not explicitly name the crypto millionaires and billionaires, some well-known individuals in the industry are highlighted. These include Barry Silbert, the founder and CEO of Digital Currency Group; Cameron and Tyler Winklevoss, the co-founders of Gemini; Changpeng Zhao, the CEO of Binance; Brian Armstrong, the CEO of Coinbase; Chris Larsen, a co-founder of Ripple; and Michael Saylor, the executive chair of MicroStrategy.
Market Crash Impact
The crypto market crash of 2022 had an impact on the number of crypto millionaires. Forbes reported in December 2022 that many industry players experienced significant losses, with bankruptcies of exchanges and the bear market causing a loss of over $116 billion for several major players.
