HMRC Counted 240 Crypto Millionaires Last Tax Year

Two hundred and forty people in the UK declared more than £1m ($1.4m) in capital gains from digital assets in the 2024-25 tax year, according to HM Revenue and Customs.

Between them, that group reported about $975m. The wider figure covers 17,600 individuals declaring $1.9bn in gains, against $18.7bn in "disposals" — assets sold or traded.

"Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe," said James Murray, Financial Secretary to the Treasury.

The ratio worth noting

The gap between $18.7bn disposed and $1.9bn in gains is the number to sit with. Most crypto selling in Britain last year did not produce a taxable profit — a reminder that the population holding these assets is considerably broader, and considerably less successful, than the 240 at the top.

It also means the concentration is severe: 240 people account for roughly half the declared gains of 17,600.

Why the figures will get sharper

These are self-reported numbers, published as HMRC prepares for the OECD's Crypto-Asset Reporting Framework, under which on-chain activity and exchange data begin flowing to tax authorities automatically.

That shifts the basis of the statistic. Until now the count has measured who declared gains; once the framework is running it will measure who made them. The two figures are not expected to match.