A report spells out how many people have become HNW individuals from trading in cryptocurrencies such as bitcoin, underscoring why this area, for all the volatility it has seen, remains a wealth management hotspot.

A survey estimates that there are 88,200 millionaires around the world who have become rich through crypto assets, highlighting how this sector affects the wealth landscape.

According to Henley & Partners, the firm advising people about migration and cross-border issues, about 40,500 of these millionaires hold their fortunes in bitcoin.

The total market value of crypto is $1.180 trillion. Globally, 425 million individuals own cryptocurrencies.

“We have seen a significant spike in enquiries from crypto millionaires over the past six months, who are all looking to build a viable ‘Plan B’ to protect themselves against any potential future bans on the trading or use of cryptocurrencies in their countries, and to allay the risks of aggressive fiscal policies that tax digital assets at source,” Dr Juerg Steffen, CEO of Henley & Partners, said. 

There are now 182 crypto centi-millionaires (namely, high net worth individuals with crypto holdings of $100 million or more), 78 of whom hold bitcoin, while six of the world’s 22 crypto billionaires have amassed their fortunes from trading bitcoin.

This news service has written about the intersection of digital assets (a term covering more than just cryptocurrencies) and wealth management. See here for an overview of the picture. This publication recently interviewed Switzerland-based SEBA Bank, a lender that says it straddles the traditional banking and digital assets space.