Why more is known about crypto millionaires in Finland than elsewhere
In Finland, the tax authority's income and tax data on individuals is public, and the media goes through it every autumn. This is rare internationally; in most countries similar information is never published. That is why named cases of crypto gains, reported in the media, have emerged in Finland since the 2017–2018 bull market, while in most countries crypto millionaires remain completely anonymous.
Well-known Finnish crypto millionaires
| Person | Background | How it became public |
|---|---|---|
| Juha Paakkunainen | Bought bitcoin for about €500 in autumn 2011, when one bitcoin cost about one euro | Sold his bitcoin in autumn 2017 and realised capital gains of almost €2 million (€1,973,651); reported when the tax data was published in 2018 |
| Alexander Hanhikoski | Initially bought bitcoin for about €20,000 in 2013, later switched the whole position to Ethereum | Taxable income of almost €25 million in the 2017 tax statistics as the price of Ethereum rose sharply, making him Finland's third-highest earner |
| Niko Mäenpää | Invested in the NEM cryptocurrency when it cost fractions of a cent | Total accumulated gain of about €6 million over several years, a significant part realised during the 2017–2018 bull market |
Note: all three cases are based on public tax data and information published by the media that reported on them. We have not interviewed any of these people for this article.
Sources (in Finnish): Yle: Bitcoin made a 28-year-old a millionaire · Yle: Hanhikoski had €10,000 in his account, now he is a multimillionaire · Yle: How Niko Mäenpää got rich with cryptocurrencies
How many Finns are really crypto millionaires?
There is no exact figure, because only cases where the coins have already been sold for euros and the gain shows in the tax data become public. Nobody knows how many are still sitting on unrealised crypto gains. Finnish Bitcoin developer Martti Malmi, who was involved in Bitcoin's earliest development work, has estimated publicly that there are at least dozens, possibly even hundreds, of bitcoin millionaires in Finland.
Source (in Finnish): MTV Uutiset / Kauppalehti
What global statistics say about crypto millionaires
Henley & Partners' Crypto Wealth Report compiles an annual estimate of how crypto wealth is distributed around the world. According to the 2026 report, there are already more than a hundred thousand crypto millionaires in the world, and most of them hold bitcoin in particular.
| Wealth level | Number worldwide (2026) | Of whom bitcoin-focused |
|---|---|---|
| Over $1 million in crypto | 135,694 | 92,272 |
| Over $100 million (centi-millionaires) | 290 | 151 |
| Crypto billionaires | 23 | 9 |
Source: Henley & Partners: Crypto Wealth Report 2026
The typical path to crypto wealth
Behind the named cases, a few recurring profiles emerge, and none of them involves a lucky break or a trick:
- Early buyer: bought bitcoin or other crypto very cheaply before wide interest, often years before the value really took off.
- Long-term holder: didn't sell in the down cycles, even though there have been several sharp crashes along the way.
- Active developer or miner: some of the wealth goes back to early technical involvement in the sector, not just investing.
Is it realistic to aim to become a crypto millionaire yourself?
The public cases are exceptions, not the rule; they made the news precisely because they were rare and the timing was exceptionally good. Statistically, the vast majority of crypto investors don't achieve similar returns, and for many the experience has been the opposite.
Remember: most people are not crypto millionaires
Highlighting these stories is not an encouragement to aim for the same; that would be misleading, because for every case that made the headlines there are thousands of Finns whose crypto holdings have never come close to a million, and some have lost money entirely. Almost always only the few whose timing and nerves held make it into the public eye, not the average experience.
Instead of counting on the next big hit, start with diversification and realistic risk management. Read investing in crypto before you begin.
Finnish crypto millionaires: frequently asked questions
How many crypto millionaires have later lost their wealth?
There is no public, comprehensive statistic, because most holdings are not public information. Among known cases, however, there are several where a portfolio worth millions on paper melted significantly in the next crash (e.g. 2018 or 2022) because gains were not realised in time.
Do crypto millionaires pay tax in Finland?
Yes. A gain from selling cryptocurrency is taxable capital income in Finland just like a gain on shares, and it is reported in MyTax (OmaVero). The Tax Administration has stepped up its monitoring of crypto income in recent years, including through information exchange with exchanges. See crypto taxes in Finland.
Is there reliable data on the number of crypto millionaires in Finland?
Not precise data, because crypto wealth does not show directly in the tax authority's public data in the same way as salary income. Estimates are based on indirect information and individual investors' own accounts, so the figures are always indicative.
What do most well-known crypto millionaires have in common?
In almost all known cases the common factor is a long holding period: they bought bitcoin or other crypto years before the big rise and held it through several crashes, instead of trying to time the market in the short term.
Can an ordinary wage earner realistically become a crypto millionaire?
Mathematically yes, if the amount invested grows enough over time, but the probability is small and depends heavily on timing and market developments, which are unpredictable. Most of those who became millionaires started with a small amount with no certainty about the outcome.
This content is general information, not investment advice. Individual examples are no guarantee of future returns, and most investors do not achieve similar results.
