Crypto millionaires are multiplying at a record pace in 2024. According to data from New World Wealth, there has been a 95% increase in individuals holding more than $1 million in cryptocurrency, pushing the total to 172,300. This growth reflects a broader trend of increasing wealth in digital assets.
The surge is even more pronounced among the ultra-wealthy. Those with $100 million or more in crypto, known as centi-millionaires, have risen by 79%, reaching 325 individuals. Meanwhile, the number of crypto billionaires has expanded by 27% to 28.
Investors eye crypto-friendly jurisdictions
With the number of crypto millionaires rising, many investors seek countries with favorable conditions for holding digital assets. Henley & Partners reports that these investors prefer jurisdictions that support a pro-crypto stance and align with their lifestyles.
Citizenship by investment programs has become particularly appealing to this wealthy demographic. These initiatives offer residency or citizenship in exchange for significant financial investment, creating a mutually beneficial arrangement. Investors gain access to a more favorable regulatory environment, while host countries attract affluent and forward-thinking individuals.
Top destinations for crypto investors
The Crypto Adoption Index reveals that Singapore remains the most popular destination for crypto investors, owing to its robust infrastructure, regulatory clarity, and commitment to innovation. Close behind is Hong Kong, which benefits from strong economic policies and a favorable tax environment that supports crypto growth.
The United Arab Emirates (UAE) stands out as a leading destination, particularly due to its zero capital gains tax and a rapidly expanding economy. Europe, Malta, and Cyprus are making notable efforts to welcome crypto investors by offering flexible regulations and innovative policies. Switzerland, specifically Zug’s “Crypto Valley,” continues to attract startups and established blockchain companies.
The United States is also emerging as a key player, particularly following the approval of spot Bitcoin ETFs. Countries in Latin America, like Panama, are branding themselves as new havens for crypto investors, seeking to capture a share of the growing market.
The growing appeal of Caribbean nations
The Caribbean is increasingly positioning itself as a new frontier for crypto investors. Nations like Antigua and Barbuda and St. Kitts and Nevis have enacted laws to attract crypto entrepreneurs, offering an alternative for those looking to move assets offshore. These countries provide appealing options for investors by leveraging their citizenship through investment programs and low-tax environments.
While several regions are working to attract crypto wealth, India remains a more challenging destination. Strict tax policies, such as a 1% tax deducted from the source on transactions and a flat 30% tax on gains, have prompted many high-net-worth individuals to relocate to more favorable jurisdictions.