According to a new survey, self-made affluent individuals around the world are more likely to invest in cryptocurrencies such as Bitcoin (BTC) than those who have inherited wealth.
Wealth-X, a wealth research business, presented a new analysis on the idiosyncrasies of crypto investments made by wealthy people around the world on Thursday.
This research is intended for wealthy persons with a net worth of $5 million or more, including those professionally working in the crypto industry as well as those with a general interest in the area.
port is based on information and study on wealthy persons completed in January 2022 for Wealth-proprietary X’s database. According to the paper, the affluent population model scientifically creates estimates for total private wealth and calculates the size of the population by level of wealth and investable assets for the world and each of the top 70 economies and 200 cities.
According to Wealth-research, X’s up to 94 percent of affluent crypto entrepreneurs have amassed their fortunes on their own, with no one relying solely on inheritance.
According to the report, roughly 90% of those with a general interest in crypto were self-made wealthy, with only 0.5 percent relying on inherited money. According to the survey, the majority of the general wealthy people, or 84 percent, is self-made.
“The data shows that self-made affluent individuals appear to be more inclined to investing in assets, such as cryptocurrency, that are riskier and more volatile than other asset classes,” Wealth-X analysts wrote in the report.
“Given that they obtained their wealth through crypto, it is unsurprising that inheritance scarcely plays a role in the wealth source of crypto founders or investors,” the researchers continued.
Some of the world’s wealthiest men have emerged from the crypto sector. Sam Bankman-Fried, CEO of the FTX bitcoin exchange, is said to be the wealthiest self-made newcomer in Forbes 400 history. As of early 2022, he had accumulated an estimated $10 billion net worth in crypto in just three years.