Digital Assets
Sep 23, 2025     Hubbis
The ranks of crypto millionaires have surged to an unprecedented 241,700 individuals worldwide, according to the newly released Crypto Wealth Report 2025 by leading international residence and citizenship advisory specialists Henley & Partners, featuring exclusive data from global wealth intelligence firm New World Wealth.
That’s a remarkable 40% increase in just 12 months, fueled by a dramatic surge in Bitcoin millionaires — up 70% year-on-year to 145,100 holders — and a booming total market valuation of USD 3.3 trillion as of June 2025, a 45% jump from a year previously.
At the apex of the crypto wealth pyramid, the number of ultra-wealthy individuals is rising sharply: 450 centi-millionaires now control crypto portfolios worth USD 100 million or more, up 38% since last year, while the number of crypto billionaires has climbed to 36, an increase of 29%. This significant growth coincides with a watershed year for institutional adoption, highlighted by the first-ever cryptocurrencies launched by a sitting US President and First Lady.
Dominic Volek, Group Head of Private Clients at Henley & Partners, says the rapid rise of this new crypto-wealth class is compelling governments, tax authorities, and wealth managers to confront an uncharted new reality. “While roughly USD 14.4 trillion worth of wealth crossed national borders in 2024, the entire architecture of modern finance assumes that money has a home address — but cryptocurrency doesn’t. For millennia, storing wealth meant anchoring it to a place. Even with digital banking, you needed a residential address and tax ID just to open an account. Today, cryptocurrency has made geography optional — with nothing more than 12 memorized words, an individual can secure a billion dollars in Bitcoin, instantly accessible from Zurich or Zhengzhou alike.”
Wealth Without Borders: Bitcoin Rewrites the Rules of Money
As cryptocurrency wealth matures, the Crypto Wealth Report 2025 documents fundamental changes in how affluent digital asset investors structure their affairs globally. Machine learning systems now manage an increasingly significant portion of institutional cryptocurrency portfolios, while Switzerland has emerged as a primary hub for custody services. The shift towards Bitcoin as collateral rather than a speculative asset marks a critical evolution as Philipp A. Baumann, Founder of Z22 Technologies, points out. “Bitcoin is becoming the foundation of a parallel financial system, where [it] is not merely an investment for speculation on fiat price appreciation, but the base currency for accumulating wealth.”
The philosophical implications of this shift are profound, according to Samson Mow, CEO of JAN3, illustrating the tension between traditional and digital money systems: “Over any long-time horizon, fiat currency has one destiny: infinity. Bitcoin, on the contrary, has the opposite: 21 million.” This fixed supply versus infinite expansion represents what Mow calls “the defining paradox of our age”, as governments grapple with a form of wealth that exists outside traditional monetary control.
The convergence of crypto wealth and global mobility is accelerating. Catherine Chen, Head of VIP & Institutional at Binance, observes that “this new, mobility-driven class of investors is increasingly turning to citizenship by investment programs as a strategic route to geographic and financial flexibility.” Townsend Lansing, Head of Product at CoinShares, confirms the broader momentum: “Driven by favorable regulatory winds, institutional adoption has not only arrived — it is surging.” Dr. Guneet Kaur, senior editor at CCN.com and Science Fellow at Exponential Science agrees, adding that “CBDCs, digital forms of a nation’s legal tender, are being explored by over 100 economies, with 49 countries in the pilot stage as of July 2025. In jurisdictions where traditional banking imposes restrictions, CBDCs promise cheaper and faster state-backed payments.”
Benchmarking the World’s Crypto-Friendly Jurisdictions
High-net-worth individuals (HNWIs) with significant crypto holdings are among the most globally mobile, underscoring the strong link between cryptocurrency and cross-border wealth flows, according to Andrew Amoils, Head of Research at New World Wealth. “We’re also seeing crypto and gold emerge as the preferred alternative assets for the world’s wealthy. In previous decades, precious stones like diamonds were widely used to move money discreetly across borders thanks to their portability. Today, crypto and gold have largely taken their place as the modern stores of portable wealth.”
This swift expansion of borderless wealth is reshaping how HNWIs organize their global affairs. As Volek points out, crypto millionaires are seeking jurisdictions that not only recognize digital assets but also provide residence and citizenship solutions aligned with their internationally mobile lifestyles. “For this new class of investors, diversification across multiple jurisdictions has become a hedge against regulatory volatility and technological obsolescence. The ability to engage with innovation hubs while maintaining legal certainty is now seen as essential, with investment migration programs offering a structured pathway to greater security and global access.”
The Henley Crypto Adoption Index, a proprietary tool that is updated annually as part of the Crypto Wealth Report, addresses this need by benchmarking the world’s most crypto-friendly countries with investment migration programs. Drawing on more than 750 data points, it offers digital asset investors a clear overview of how these different jurisdictions with residence and citizenship by investment pathways are regulating and adopting cryptocurrency and blockchain. By spotlighting the most progressive destinations, the index provides a clear view of opportunities to safeguard wealth, optimize tax efficiency, and access traditional financial systems.
Top Crypto Investment Migration Picks
The index evaluates 29 investment migration programs across six key parameters — Public Adoption, Infrastructure Adoption, Innovation and Technology, Regulatory Environment, Economic Factors, and Tax-Friendliness — enabling investors to identify jurisdictions that best match their priorities.
Singapore leads with exceptional scores across Infrastructure Adoption, Innovation and Technology, and Regulatory Environment. Hong Kong (SAR China) follows with robust Economic Factors and high Tax-Friendliness, while the USA boasts strong Public Adoption and Innovation and Technology metrics. Switzerland and the UAE round out the Top 5 performers, with the Emirates scoring a perfect 10 for Tax-Friendliness, with zero taxes on crypto trading, staking, and mining.
Malta and the UK also score highly overall, both offering sophisticated regulatory frameworks, while Canada, Thailand, and Australia complete the top tier with balanced strengths across multiple factors.
Luxembourg brings deep financial expertise to digital assets while Portugal rewards patient crypto investors — those holding over one year pay no capital gains tax. Austria applies securities tax frameworks to crypto, while Italy’s flat-tax regime for new residents includes foreign-sourced crypto gains. Monaco draws ultra-wealthy crypto holders with zero personal income tax.
Next-Wave Destinations
Beyond Europe and the US, St. Kitts and Nevis accepts cryptocurrency for citizenship applications, as does Antigua and Barbuda. Thailand recently announced a five-year capital gains exemption for crypto trading and Malaysia builds fintech capabilities through Digital Free Trade Zone initiatives. The Indian Ocean island nation of Mauritius leverages its position between Africa and Asia to attract crypto businesses.
Countries as diverse as Costa Rica, El Salvador, Greece, Latvia, New Zealand, Panama, Türkiye, and Uruguay have all developed strategies to attract mobile digital asset investors, recognizing that even a small share of the crypto economy can bring significant benefits.
As Volek concludes, the rise of cryptocurrency has democratized capabilities once reserved for the ultra-wealthy. “The same mechanisms multi-national corporations have long used to shift profits and manage exposure across borders are now accessible to anyone with an internet connection. This marks a profound shift — empowering individuals to take control of their wealth on a global scale, while at the same time challenging governments whose fiscal systems depend on the ability to monitor, regulate, and tax economic activity.”
The complete Crypto Wealth Report 2025 is available online.
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