Changpeng Zhao, the founder, and CEO of Binance is one of the richest and most powerful people on the planet. According to Bloomberg, CZ has an estimated net worth of $96 billion as Binance remains the largest cryptocurrency exchange by trading volume.
CZ Recognized By Bloomberg As Richest Person in Crypto
CZ made a massive bet on crypto. And won. Bloomberg estimates that he is worth an eye-popping $96 billion, excluding his undisclosed personal crypto holdings such as Bitcoin and Binance’s native token Binance Coin (BNB).
According to Bloomberg’s Billionaires Index, this makes the 44-year-old crypto pioneer the 11th wealthiest person in the world, ranking him just ahead of Asia’s richest man Mukesh Ambani and a few billion dollars behind Oracle co-founder Larry Ellison.
However, Binance questioned Bloomberg’s estimations, stating that “crypto is still in its growth stage” and is also “susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day”.
CZ’s Rise To The Top
Amazingly, Zhao, who worked as a McDonald’s burger-flipper when he was a teenager, has a chance of beating Meta’s Mark Zuckerberg and Berkshire Hathaway’s Warren Buffet if Binance maintains its growth trajectory.
The Wall Street Journal previously said Binance would potentially be worth $300 billion if it were a public company. At such a dizzyingly high valuation, CZ’s fortune would reach unfathomable heights, thus effortlessly trounce the likes of Zuckerberg in net worth rankings since he owns the biggest share in the exchange.
The crypto exchange’s revenue hit a whopping $20 billion in 2021 — a figure which overshadows revenue expectations for its closest competitor, US-based Coinbase. The exchange’s astonishing success could be the result of Zhao’s current efforts to coordinate with regulators as the Binance empire expands. Zhao has ditched the decentralized approach and is looking to get the exchange licensed across the globe amid regulatory troubles.
Moreover, Binance isn’t afraid to make strategic investments. High-profile acquisitions of CoinMarketCap, TravelbyBit, and recently Swipe, have expanded the exchange’s sphere of influence far beyond that of a mere crypto exchange.
Given these bold moves and the incredible success of his exchange, CZ will likely maintain his position as the wealthiest person in crypto. All in all, CZ plans to give away the majority of his personal fortune to charitable causes.