According to a new survey, 94% of affluent crypto entrepreneurs made their wealth entirely on their own.
Globally, self-made affluent individuals tend to be more willing to invest in cryptocurrencies such as Bitcoin (BTC) than those whose wealth is largely inherited, a new survey indicates.
On Thursday, Wealth-X, a wealth research business, presented a fresh analysis on the idiosyncrasies of crypto investments made by wealthy people globally.
This research is targeted at affluent persons with a net worth of at least $5 million, including those who work in the cryptocurrency industry professionally and those who simply have an interest in the field.
As crypto moves towards the mainstream, it's gaining popularity among wealthy individuals as an investment. Wealth-X's latest report, Crypto Investment And the Wealthy, explores the traits of the wealthy investing in this sector. Download it for free – https://t.co/8kvzaeAvS9 pic.twitter.com/45eI66Yn52
— wealthx (@WealthX) March 10, 2022
This report is based on information and study on wealthy persons completed in January 2022 for Wealth-proprietary X’s database. The analysis analyses a wealthy population model that statistically calculates total private wealth and the population size by level of wealth and investable assets for the world and each of the top 70 economies and 200 cities, according to the report.
According to Wealth-research, X’s up to 94% of affluent crypto entrepreneurs built their wealth independently, with no one relying solely on inheritance.
According to the survey, roughly 90% of those with a general interest in crypto are self-made millionaires, with only 0.5 percent relying on inherited money. Additionally, the survey adds that the vast majority of the overall wealthy people, or 84%, is self-made.
“The data suggests that self-made affluent individuals appear to be more receptive to investing in riskier and more volatile asset classes, such as cryptocurrency,” Wealth-X experts stated in the paper.
“Given that they amassed wealth through cryptocurrency, it’s unsurprising that inheritance plays such a minor part in the wealth generation of crypto entrepreneurs and investors,” the researchers added.
The cryptocurrency sector has produced several of the world’s wealthiest men. Sam Bankman-Fried, CEO of the FTX bitcoin exchange, reportedly became the Forbes 400’s wealthiest self-made newbie. He built a net worth of approximately $10 billion in crypto in just three years by early 2022.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.