Number of Crypto Millionaires in 2023
A recent report from Henley & Partners suggests that approximately 88,200 crypto millionaires exist worldwide. Bitcoin has the lion's share of (40,500) millionaires, while Ethereum and other altcoins (47,700) round off the rest of the list.
With an estimated 425 million crypto users, only 0.02% have reached the seven-figure status.
When examining high net-worth individuals, there are approximately 22 crypto billionaires (96 of whom are Bitcoiners) and 182 crypto centi-millionaires (78 Bitcoiners) with crypto holdings of at least $100 million.
Crypto Millionaires By Coin
Since blockchain data is on a public ledger, we can check the databases of each blockchain to see how many wallet addresses have at least $1 million. Unsurprisingly, Bitcoin has the most millionaires with 74,179 wallet addresses. Ethereum follows with 9,212 addresses.
Wallet Addresses With >$1M Balance
According to on-chain data as of Oct 21, 2023
Note, the number of wallet addresses doesn't resemble the real number of millionaires. The actual number would be much lower because individuals can own multiple wallets, and some addresses belong to corporations or decentralized protocols with multiple owners. It's also difficult to calculate off-chain data, such as customers who hold balances on exchanges.
As of October 20, 2023, on-chain data reveals there are 74,179 Bitcoin addresses with a $1M balance or greater. Only 5,656 wallets hold a balance of $10M while 40,866,968 Bitcoin addresses hold at least $1. The current price of Bitcoin is $28,788 which means you would need to own 34.74 Bitcoin to achieve millionaire status.
The current price of 1 Ethereum is $1,626. To hold a balance of $1 million, you would need to own 615 ETH. The Etherscan Block Explorer reveals there are 9,212 Ethereum addresses that hold at least 615 ETH.
The number of crypto millionaires fluctuates over time due to the volatile nature of the cryptocurrency market.
Today, there is an estimated 88,200 crypto millionaires according to recent research. However, the number of wallet addresses holding a balance of $1 million is much higher. Currently, 74,179 Bitcoin addresses and 9,212 Ethereum addresses hold at least seven figures.
As cryptocurrencies continue to gain adoption, we can anticipate these numbers to continue growing.