Appetite for cryptocurrency is higher amongst VHNWs and younger millionaires
Over recent years, with all the hype in the media, it’s unsurprising that very few millionaires are unaware of the high-risk high-return cryptocurrency craze.
Cryptocurrency is well-known amongst millionaires and a large minority are exposed to the current crypto market turmoil
Through our MillionaireVue omnibus, we asked millionaires in the US and UK about their familiarity with cryptocurrency. In the US, about 3 in 4 are familiar and have some understanding of it, while about 10% more are in the UK (85%).
1 in 3 (35%) in both countries have bought cryptocurrency in the past. Predictably, most of them are aged under 55. This mirrors findings from a recent survey we ran in partnership with PIMFA in the UK, where very few over 55’s (<5%) in the general population had invested in crypto. Older millionaires in both countries have little or only a basic understanding of crypto.
Intriguingly, and contradicting our mass market findings, more female millionaires have bought crypto in the UK than men. The pandemic lockdowns might have encouraged more women to experiment with crypto.
In the US, those with more than $5m+ investable assets tend to dabble with cryptocurrency, while in the UK it’s those with £2m+ in investible assets.
One in 5 US millionaires are familiar but haven’t yet taken the plunge. But this nearly doubles for those in the UK (31%).
With the current crypto market crisis look out for our Q2 data which will take a more in-depth view on all things crypto..
Data source: Savanta’s MillionaireVue Omnibus, a representative survey of the UK and US millionaire population. N=491 conducted in the UK and n=311 conducted in the US in February 2022.