Changpeng Zhao, the founder and CEO of the cryptocurrency exchange Binance, has a net worth of $96 billion, according to Bloomberg.
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The assessment is based on Binance’s valuation, in which Zhao reportedly owns about a 90% stake. His digital assets are not included in the calculations.
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Even so, Zhao is richer than Indian magnate Mukesh Ambani and has approached the fortunes of the co-founders of tech giants, including Mark Zuckerberg, Larry Page, and Sergey Brin.
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According to Bloomberg, Binance earned about $20 billion in revenue in 2021. This is roughly three times the forecast for Coinbase, the largest American cryptocurrency exchange — publicly traded company valued at $50 billion.
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Binance disputed the accuracy of Bloomberg’s valuation of the company and of its founder’s fortune.
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“Cryptocurrencies are still in a growth phase. They are subject to high volatility. Any figure you hear today will differ from what you hear the next day,” Binance said.
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Earlier, Zhao declined to comment on the size of his fortune.
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“I don’t care about wealth, money, or rankings,” he told the publication.
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As reported in November 2021 by China Caijing estimated Zhao’s fortune at $90 billion, based on the assumption that he owned a 30% stake in Binance.
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In March, the Hurun Research Institute released its ranking of crypto billionaires for 2020. Zhao’s fortune was estimated at $8 billion — he trailed only FTX CEO Sam Bankman-Fried ($10 billion) and Coinbase CEO Brian Armstrong ($11.5 billion).