The number of crypto millionaires worldwide has nearly doubled over the past year, rising by 95% to 172,300, according to a report from New World Wealth and Henley & Partners. This dramatic increase, driven by the rise of Bitcoin exchange-traded funds (ETFs) and the overall growth in crypto assets, saw the population of Bitcoin millionaires alone jump to 85,400 from 41,200 last year.

Wealth Climbing the Crypto Ladder

The surge in crypto wealth isn’t limited to millionaires. The report highlights that there are now 325 crypto centi-millionaires (individuals holding $100 million or more in crypto assets) and 28 crypto billionaires. This growth reflects the rapid expansion of Bitcoin ETFs, which have amassed over $50 billion in assets since their launch in January, prompting increased institutional participation.

Bitcoin’s Dominance in Wealth Creation

Bitcoin continues to dominate the crypto space, contributing to the wealth of five out of the six new crypto billionaires created over the past year. Notably, Changpeng Zhao, founder and former CEO of Binance, remains the richest crypto billionaire, with an estimated fortune of $33 billion, despite recent legal challenges.

Crypto’s Growing Acceptance Among Institutions

While many crypto assets have yet to surpass their 2021 highs, the overall market capitalization has rebounded to $2.3 trillion, up from $1.2 trillion last summer. The increasing acceptance of crypto assets by major financial institutions like BlackRock and Fidelity, along with Morgan Stanley’s extensive broker network, is likely to boost wealth creation in the crypto sector further.

The growing crypto wealth also influences where the rich live and work. Henley & Partners has observed a significant rise in crypto-wealthy individuals seeking alternative residence and citizenship in tax-friendly and crypto-friendly jurisdictions, with Singapore, Hong Kong, and the United Arab Emirates ranking highly on their newly created Crypto Adoption Index.