Henley & Partners publishes the world's first Crypto Wealth Report

LONDON, Sept. 5, 2023 /PRNewswire/ — There are 88,200 crypto millionaires worldwide, with just under half (40,500) holding their fortunes in Bitcoin, according to the inaugural Crypto Wealth Report published by leading international wealth and investment migration specialists Henley & Partners. The total market value of crypto is now a staggering USD 1,180 billion and there are 425 million individuals globally that own cryptocurrencies.

This first-of-its-kind report includes exclusive statistics on the number of crypto and Bitcoin millionaires, centi-millionaires, and billionaires provided by global wealth intelligence firm New World Wealth, as well as insights from leading academics, industry experts, and crypto players. It also features Henley & Partners’ Crypto Adoption Index, which compares the best residence and citizenship by investment programs for crypto investors.

Dr. Juerg Steffen , CEO of Henley & Partners, says traders, miners, investors, and cryptopreneurs are exploring investment migration strategies to safeguard their interests. “We have seen a significant spike in enquiries from crypto millionaires over the past six months looking to protect themselves against any potential future bans on the trading or use of cryptocurrencies in their own countries and mitigate the risks of aggressive fiscal policies that tax digital assets at source.”

To the Moon: Crypto is a ‘done deal’

In the global super-rich league, there are now 182 crypto centi-millionaires (namely, high-net-worth individuals with crypto holdings of USD 100 million or more), 78 of whom are Bitcoiners, while six of the world’s 22 crypto billionaires have amassed their fortunes from trading Bitcoin.

As global investment expert, Jeff D. Opdyke, points out in the report, “crypto is the most inevitable trade and technology of the last 30 years, and now is a fantastic opportunity to buy as we’re unlikely to ever see these prices again.” Dr. Niklas J.R.M. Schmidt from the Austrian law firm Wolf Theiss explains how they should be custodied, while Assoc. Prof. Dr. Tevetoğlu, a blockchain law specialist in Istanbul, warns of the “severe legal consequences” of thinking that there are no laws governing blockchain technology and crypto assets. In his commentary, Carlos Gonzalez Campo, a Research Analyst at 21Shares, points that “although crypto asset valuation remains an emerging topic seeking consensus, especially as the asset class expands and matures, there are some actionable methods investors can use.”

Best bets for crypto investors

Including over 750 data points, Henley’s new Crypto Adoption Index assesses and rates crypto-friendly investment migration host countries based on their level of adoption and integration of cryptocurrencies and blockchain technology. Singapore takes the leading position overall with a score of 50.2 out of 60, or 83.76%, with Switzerland in 2^nd place (78.17%), followed closely by the UAE on 76.17%. Hong Kong (4^th on 76%), the United States (5^th on 73.83%), Australia (6^th on 71.83%), and the United Kingdom (7^th on 71.17%) all land first-class honors when it comes to crypto adoption, with Canada (8^th on 67,33%), Malta (9^th on 64.83%) and Malaysia (10^th on 62.5%) also making it into the Top 10.

Most tax-friendly options

In terms of the tax-friendliness parameter, which assesses a country’s approach to taxing cryptocurrency-related activities, Singapore and the UAE score a flawless 10 out of 10, with Hong Kong, Mauritius, and Monaco securing an impressive 9 out of 10, and Antigua and Barbuda, Malaysia, Namibia, and Switzerland each achieving a respectable 8 out of 10.

The UAE and Singapore are again frontrunners when it comes to public adoption, which measures the level of awareness, interest, and engagement with cryptocurrencies in the general population, with each scoring 7 out of 10 for this parameter. However, when it comes to infrastructure adoption, which assesses the technological foundations for crypto transactions and exchanges, such as the number of crypto ATMs, integration with local banks, and the presence of digital asset exchanges, both the UAE and Singapore tumbled down the rankings. The US currently leads the way in this regard, with Greece, Thailand, Hong Kong, and New Zealand all making it into the Top 10 countries with a reasonably well-developed infrastructure that supports smoother crypto adoption.