Number of Crypto Millionaires Doubled to 172,300 Over the Last Year, Study Finds

The number of crypto millionaires has doubled in the last year, as key regulatory approvals and a new Bitcoin high led to a rapid increase in crypto adoption and a new “crypto elite,” according to a report by wealth and migration consultancy Henley & Partners.

Crypto adoption increased 31% in the 12 months ending in June, to a total of 560 million users globally, while the total market value of crypto holdings nearly doubled to US$2.3 trillion as of June 30. Bitcoin, which peaked in March at US$73,000, comprised about half of both users and value, with 275 million investors and a US$1.2 trillion total market value, up 103% from the previous year, the report said.

The surge in both price and adoption of cryptocurrencies has minted a new crop of millionaires.

In fact, the number of crypto millionaires just about doubled to 172,300 in the last 12 months, and the number of Bitcoin millionaires more than doubled to 85,400—or roughly half of the overall total.

There are also now 325 crypto centi-millionaires—individuals with crypto holdings of at least US$100 million—up from 181 last year, with Bitcoin investors, once again, comprising about half of the total.

Crypto currencies have also minted 28 billionaires, a list that includes the Winklevoss twins—Brett and Cameron Winklevoss;SecondMarket founder Barry Silbert ; MicroStrategy co-founder Michael Saylor ; and Binance founder Changpeng Zhao , who is currently serving a four-month prison sentence after being found guilty of money laundering by a California court earlier this year, according to MarketWatch.

The increase has largely been driven by regulatory shifts that have allowed for the normalisation of cryptocurrencies, despite the high-profile implosion of key crypto players like FTX and Genesis Global Capital in 2022 and 2023. In particular, the U.S.’s’ approval of spot crypto exchange-traded funds in January (following its approval of crypto futures ETFs) signalled a new era of institutionalisation.

“The long-awaited approval of spot Bitcoin and Ethereum ETFs in the USA unleashed a torrent of institutional capital,” Dominic Volek of Henley & Partners said in the report.

The U.S. ranked fourth in Henley & Partners’ analysis of global crypto hubs, which takes into account regulation, infrastructure adoption, technology prowess, and tax-friendliness, among other factors. Singapore leads the list due to its recent implementation of a regulatory framework for crypto assets, as well as its strength in infrastructure, technology, and economic indicators. Hong Kong, which also approved spot crypto ETFs in January, came second, followed by the United Arab Emirates, which scored highest on tax-friendliness.

Competition between global economic hubs is crucial, because the rise of the crypto elite is driving wealth migration patterns, Henley & Partners said.

“As we move forward, the intersection of cryptocurrency and investment migration will undoubtedly play a major role in shaping the future of global wealth and mobility,” Volek said.

U.K.-listed Intermediate Capital Group plans to sell one of Singapore’s largest independent tertiary education institutions, which could be valued at as much as 700 million Singapore dollars, equivalent to US$526 million, people familiar with the situation said.

The alternative asset management company, which acquired PSB Academy in 2018, is working with corporate advisory firm Rippledot Capital Advisers to explore options, the people said.

ICG and Rippledot declined to comment.

The U.K.-based company, which has $107.0 billion in assets under management as of the end of 2024, acquired PSB Academy from Baring Private Equity Asia for an undisclosed price.

Set up in 1964, PSB Academy currently hosts over 20,000 students each year and offers certification, diploma and degree courses. It has operations across Asia, including Indonesia, China and Sri Lanka.

The Asian education sector has become increasingly attractive to private-equity firms and strategic investors due to rapid urbanization and a fast-growing middle class that can now afford higher education for their children.

In 2021, private-equity firm KKR invested in EQuest Education Group, Vietnam’s largest private education institution. A year before, China Maple Leaf Educational Systems paid S$730.0 million to buy Canadian International School in Singapore.