Forbes says CZ is the richest Chinese in the world2 min read
Changpeng Zhao (CZ), the founder of Binance, was named the richest Chinese in the world, with a net worth of around US$90 billion, according to Forbes.
The young entrepreneur found his place among the richest people in the world. It even surpassed the leaders of popular sites like Tiktok and Tencent, considered the biggest conglomerates in China.
While the news is quite significant for a company founded just four years ago, the magazine’s data is not accurate.
That’s because the valuation of the billionaire’s equity was done assuming he owned about 30% of Binance’s shares. However, a recent confidential report by a Chinese insider stated that CZ owns around 90%.
So, if this is true, he could potentially become the richest person in the world.
Richest Chinese in the world
A month ago, CZ released its portfolio, acknowledging the possession of a significant amount of BTC along with Binance’s native token, Binance Coin (BNB).
According to an Associated Press report, Changpeng Zhao’s main source of wealth comes from its cryptocurrency portfolio. In addition, your participations in crypto-asset exchanges, in addition to Binance, contribute to your capital.
While the issue is far from resolved, some say the young CEO believes in philanthropy. Therefore, it is adamant about donating a significant portion of its assets.
As the narrative gains prominence, Binance’s meteoric rise to market dominance is also being noticed.
Currently, the company has around 3,000 employees worldwide. The daily trading volume is at a peak of $76 billion. This is greater than the total trading volume of its four biggest rivals combined.
Born in 1977, CZ lived in Jiangsu as a child and later moved to Vancouver, Canada. He currently lives in Singapore with his family.