How Many Crypto Millionaires Are There?

In a little over a decade, cryptocurrencies have evolved from a niche that fascinated only a select few enthusiasts to a global phenomenon with a total valuation of more than $1 trillion. This meteoric rise has brought life-changing profits to many people across the globe, and the number of crypto millionaires is probably higher than you think.

Recent research suggests that there are about 88,200 crypto millionaires in the world. The cryptocurrency with the highest number of millionaires is Bitcoin, which isn’t too surprising since BTC represents almost half of the cryptocurrency market capitalization.

Crypto millionaires by coin

Now, let’s take a look at some of the most popular cryptocurrencies and use data from their respective blockchains to see how many addresses hold at least $1 million of that specific cryptocurrency.

Bitcoin

The current price of Bitcoin is $27,970, which means that you would need 35.75 BTC to be a Bitcoin millionaire. We haven’t been able to find up-to-date information about the number of Bitcoin addresses that hold at least 35.75 BTC. However, data from Henley & Partners suggests that there were around 40,500 Bitcoin millionaires as of June 30, 2023. 

The list of the biggest Bitcoin holders includes some truly impressive wallets, with more than 10 wallets holding $1 billion worth of Bitcoin or more. Most of the largest Bitcoin wallets belong to cryptocurrency exchanges.

Ethereum

At the time of writing, 1 ETH is worth about $1,650. To get to $1 million at this price, you’d require 605.8 ETH. A quick look at the Etherscan block explorer reveals that there are currently 9,388 Ethereum addresses that hold at least 605.8 ETH.

Of course, that doesn’t mean that there’s currently 9,388 ETH millionaires in the world. The real number is lower, as one person or entity can have multiple ETH addresses and many of these millionaire addresses are related to decentralized protocols and other services that don’t have a single owner.

XRP

In order to be an XRP millionaire, you would need to hold at least 1.91 million XRP coins. Per data from the XRPScan block explorer, there are currently 1,065 addresses that hold this many coins.

Dogecoin

Even though Dogecoin started off as a joke, a surprising number of people was able to achieve significant wealth by investing in DOGE. According to data from the Dogecoin blockchain, there are 478 Dogecoin millionaires at the moment. At current prices, the threshold for becoming a Dogecoin millionaire is to hold at least 16.43 million DOGE.

Finding the number of crypto millionaires involves some guesswork

Besides the fact that one person or business can have more than one crypto wallet, another factor that makes it difficult to determine the number of crypto millionaires is that some cryptocurrency investors keep their funds on exchanges instead of storing them in their own wallets.

Since exchanges pool together the cryptocurrency holdings of many different customers in a relatively small number of wallets, it’s difficult to determine how much crypto belongs to a single user using on-chain data alone.

There is also some nuance when it comes to definition of what a crypto millionaire is. We use the definition of someone that holds at least $1 million worth of crypto. However, someone who achieved a net worth of $1 million or above by cashing out their crypto investments could also be considered a crypto millionaire, depending on how you define the term.

How many crypto billionaires are there?

According to estimates by Forbes, there were 19 billionaires who achieved their wealth through cryptocurrency as of April 2022. The cryptocurrency market has declined significantly since then, so it’s likely that the number of crypto billionaires is lower as of 2023. 

The richest person in the cryptocurrency industry is likely Changpeng “CZ” Zhao, the founder of the Binance cryptocurrency exchange. As of April 2022, his net worth was estimated at $65 billion, but this figure is likely now quite a bit lower as the valuations of both cryptocurrencies and crypto businesses have been slashed across the board since.

Who owns the most Bitcoin?

The biggest Bitcoin holder is Satoshi Nakamoto, who invented the Bitcoin cryptocurrency in 2008. According to some estimates, he mined more than 1.1 million Bitcoin, which would put Satoshi Nakamoto’s net worth at above $30 billion. 

Meanwhile, the largest single Bitcoin wallet is controlled by the Binance cryptocurrency exchange. As of October 2023, the wallet has more than $6.8 billion worth of Bitcoin. 

The bottom line

If you’re wondering “how many crypto millionaires are there?”, the answer is about 88,200 according to research from 2023. In order to find how many millionaires there are for a specific cryptocurrency, you can use blockchain explorers and sort addresses based on the number of coins they hold. 

Of course, if the cryptocurrency market enters a bull run again, the number of crypto millionaires will likely skyrocket. For example, if Bitcoin can reach $1 million, the number of BTC millionaires could be in the hundreds of thousands.