Binance CEO Catching Up with Tech Titans in Wealth

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Binance chief executive Changpeng Zhao is rapidly catching up with the tech billionaires in terms of net wealth according to Bloomberg.

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The enigmatic Binance boss is worth an estimated $96 billion according to a Jan 9 Bloomberg article that has taken a closer look at crypto’s wealthiest.

It is the first time that the Bloomberg Billionaires Index has estimated his wealth, and it makes Zhao the richest person in Asia if accurate. Although he had not been added to the Index at the time of writing, the report stated that this wealth ranks him above Asia’s current wealthiest person, Indian energy mogul, Mukesh Ambani.

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World’s eleventh richest

With $96 billion total net worth, Zhao would be ranked as the eleventh richest person on the planet according to Bloomberg. He has twice the wealth of Alibaba co-founder Jack Ma who is estimated to be worth around $40 billion.

Eight of the world’s top ten richest people are American technology billionaires. Zhao could soon be among them as he is not far behind Google’s Larry Page and Sergey Brin who are worth an estimated $120 billion each.

Facebook’s Mark Zuckerberg is in the fifth spot with an estimated net worth of $124 billion while Microsoft co-founder Bill Gates is just above him with $135 billion. The top spot is held by Elon Musk who is reportedly worth a whopping $263 billion according to Bloomberg’s Index. The Winklevoss twins by comparison are worth around $5 billion each.

The report added that Zhao could be worth even more if his crypto holdings were included,

Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token.

Binance Coin (BNB) was one of the better performers during 2021, gaining 1,265% over the course of the year. Bloomberg estimated that Binance generated more than $20 billion of revenue last year by analyzing its trading volume and fees. It stated that it “assumes Zhao owns 90% of the firm, based on his public statements and regulatory filings in jurisdictions.”

The man himself declined to comment on the story, the report added. In early September, it was reported that CZ said that a U.S. IPO would be launched within three years.

Binance beating them all

Binance is the world’s leading spot crypto trading platform by a clear margin. According to CoinGecko, it processed $11.5 billion in trading volume over the past 24 hours. The nearest rival exchange in terms of daily volume is OKEx with less than half that at $4.4 billion.

U.S. exchange giant, Coinbase, is ranked fifth for current daily volumes with $2.8 billion.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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