CoinTelegraph
HMRC filings show 240 UK taxpayers crossed the £1M crypto capital gains threshold in the 2024-25 tax year, with combined gains of £975M. The figure comes from actual tax returns, not a survey, and each filer reported gains above £1M, which makes the total auditable rather than estimated.
Why it matters
The data gives the first concrete, auditable floor on UK crypto wealth concentration. The UK joins a small list of jurisdictions, including the US and Germany, that publish millionaire-tier crypto stats through official tax channels. HMRC also now has a baseline to measure year-over-year growth against, which strengthens the case for treating crypto CGT enforcement as core tax administration rather than a niche compliance line.
Market impact
£975M across 240 filers works out to roughly £4M in capital gains per millionaire on average, a meaningful slice of UK retail crypto profits in a single year. HMRC will read the headline as confirmation that crypto is no longer a fringe asset class for tax planning, and reporting expectations around accurate CGT filings are likely to tighten further from here. Watch whether the count climbs again in the 2025-26 filing year.
Frequently asked questions
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How many UK crypto millionaires were there in 2024-25?
HMRC filings show 240 UK taxpayers reported crypto capital gains above £1M in the 2024-25 tax year, with combined gains of £975M.
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Where does the £975M figure come from?
The figure comes from HMRC tax return data, not surveys or estimates. Each of the 240 filers reported gains above the £1M threshold, making the total auditable.
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What is the average crypto gain per UK millionaire?
£975M divided across 240 filers works out to roughly £4M in capital gains per millionaire on average for the 2024-25 tax year.
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Why does HMRC publishing these numbers matter?
Publishing auditable millionaire-tier stats gives HMRC a baseline to measure future growth against and signals that crypto is firmly on the UK tax authority's enforcement radar.
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How does the UK compare to other jurisdictions publishing crypto wealth data?
The UK joins a small group of jurisdictions, including the US and Germany, that publish auditable millionaire-tier crypto statistics through official tax channels.
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