Binance CEO CZ now worth more than Satoshi Nakamoto
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.