According to a recent Bloomberg report, the CEO of the Binance exchange has become one of the richest people in the world. His wealth is valued at $96 billion.
Just outside the top ten
As reported by Bloomberg, Changpeng Zhao took the honorable 11th position in the ranking. The agency estimated his value at $96 billion, which is primarily 30% of the shares of Binance. This is how many of them belong to the creator of the exchange. The popular CZ has thus overtaken the previous richest Asian billionaire which is Mukesh Ambani.
The first place of the ranking is occupied by another crypto entrepreneur present in the market – Elon Musk. His wealth was estimated at $263 billion. The other two places on the podium are occupied by Jeff Bezos and Bernard Arnault, valued at 188 and 171 billion USD, respectively.
Changpeng Zhao also reigns in the Chinese ranking
The CEO of the Binance exchange has not escaped the radar of the Chinese Caijing Magazine. At the beginning of December the magazine published the ranking of the richest Chinese and it shows that CZ took the first place. Zhao’s fortune was valued at $90 billion at that time. Second in the ranking was Zhong Shanshan with a government valuation of 66 billion USD. This difference represents a real financial gap between the competitors.
The paradox of this situation is that Changpeng Zhao, due to the actions of the Chinese government, is a relatively unknown figure in the Middle Kingdom. However, his position at the top of the ranking certainly contributes to drawing the attention of the Chinese towards crypto assets that are illegal there.
It wasn’t always so colorful
CZ is undoubtedly a very inspiring figure. As it turns out, he does not come from a wealthy family. As a teenager, to support the household budget he worked at McDonald’s. When he entered college, he worked nights at a gas station to help pay the basic bills. However, his entrepreneurial mind did not allow him to lead this kind of life, which led Zhao to found the Binance exchange in 2017. Today, it is the most popular digital asset exchange platform, far outpacing its competitors. Although the exchange often struggles with regulatory issues, it continues to strengthen its position thanks to cooperation with authorities in many countries. Changpeng Zhao, despite being one of the richest figures on the globe, has repeatedly indicated in interviews that he leads a minimalist lifestyle and doesn’t actually need that much money. Consequently, he plans to give away about 90-99% of his wealth in the future.
