How many crypto millionaires are there in 2023?
According to the inaugural Crypto Wealth Report published by Henley & Partners, there are 88,200 crypto millionaires worldwide, with just under half (40,500) holding their fortunes in Bitcoin. The total market value of crypto is now a staggering USD 1.2 trillion and there are 425 million individuals globally that own cryptocurrencies.
This first-of-its-kind report provides insights into the growing wealth of crypto investors and the implications for the global economy. Here are some of the key findings:
- Bitcoin is the king of crypto wealth. Bitcoin accounts for the majority of crypto wealth, with over 40% of crypto millionaires holding their fortunes in the flagship cryptocurrency. This is likely due to the fact that Bitcoin is the most well-known and established cryptocurrency, and it has a long track record of price appreciation.
- Crypto wealth is concentrated in a small number of hands. The top 1% of crypto investors own over 80% of the total crypto wealth. This suggests that crypto wealth is becoming increasingly concentrated in the hands of a few wealthy individuals.
- Crypto wealth is becoming more global. The number of crypto millionaires in Asia and the Middle East is growing rapidly. This is likely due to the fact that these regions are home to a large number of young and tech-savvy investors.
The Crypto Wealth Report also includes insights from leading academics, industry experts, and crypto players. Here are some of their thoughts:
- “Crypto is here to stay.” – Dr. Philipp Sandner, Frankfurt School of Blockchain
- “Crypto is the future of money.” – Michael Saylor, CEO of MicroStrategy
- “Crypto is a new asset class that is revolutionizing the global financial system.” – Sam Bankman-Fried, CEO of FTX
The report also features Henley & Partners’ Crypto Adoption Index, which compares the best residence and citizenship by investment programs for crypto investors. The top three countries on the index are Singapore, Switzerland, and the United Arab Emirates.
Implications for the global economy
The growth of crypto wealth is having a significant impact on the global economy. Cryptocurrencies are increasingly being used for cross-border payments and investments. This is helping to reduce the cost of financial services and make it easier for people to move their money around the world.
Crypto wealth is also leading to the rise of new industries and businesses. For example, there is now a growing demand for crypto-related services such as investment management, tax advice, and legal counsel.
Overall, the Crypto Wealth Report provides a valuable glimpse into the growing wealth of crypto investors and the implications for the global economy. It is clear that crypto is here to stay, and it is having a significant impact on the world around us.
Source: New World Wealth
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