Excluding his cryptocurrency holdings, Binance CEO, Changpeng “CZ” Zhao, is worth over $96 billion according to a new estimate. The estimate makes him the 11th richest person in the world.
Changpeng Zhao is the world’s richest crypto billionaire
According to the latest Bloomberg Billionaire Index, Changpeng Zhao is the world’s biggest cryptocurrency billionaire. The index estimates his net worth to be around $96 billion. This estimate makes him the 11th richest person in the world, ahead of Mukesh Ambani, CEO of Indian conglomerate Reliance Industries, and behind Larry Ellison, co-founder of Oracle.
According to Bloomberg’s report, the estimate is based on his stake in Binance which is calculated to be about 90% after reviewing the exchange’s regulatory filings. Binance is the biggest cryptocurrency exchange globally by trading volume and generated over $20 billion in revenue last year.
While the estimate already puts him in the league of other technology billionaires including Facebook’s Mark And Google’s Larry Page and Sergey Brin, Bloomberg notes that Zhao’s wealth may even be more if his cryptocurrency portfolio is considered.
Different estimates of Zhao’s net worth have emerged over time. Early last year, Forbes estimated that he owned about 30% of Binance and was worth around $1.9 billion. Others including Hurun and China’s Caijing Magazine have estimated CZ to be worth $8 billion and $9 billion respectively.
CZ was not the only crypto billionaire to gain prominence last year. The industry also saw the likes of Sam Bankman Fried, the founder of FTX cryptocurrency exchange, and Brian Armstrong, CEO, and co-founder of Coinbase join the crypto billionaire rank last year.
A breakdown of the Crypto-assets making the CZ’s portfolio
CZ is pretty conservative about the amount of cryptocurrencies he holds. In November, he told the Associated Press that his cryptocurrency portfolio consists of just “some Bitcoin” he bought in 2015 and continues to hold, and Binance Coin (BNB). He noted that BNB forms the bulk of his wealth and he has no investments in any other projects, “crypto or not crypto.”
Zhao added that what he plans to do with his huge personal wealth is to give it to charity, following the example of other wealthy figures.
Personally, I’m financially free. I don’t need a lot of money, and I can maintain my lifestyle in this way. I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth, he told AP.
- Ripple Objects To SECs Request To Buy More Time Following Recent Court Ruling
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?