Forbes published its updated billionaires ranking, placing Binance founder Changpeng Zhao (CZ) at 17th with an estimated net worth of $111 billion. This figure puts him ahead of Bill Gates ($108B) and Michael Bloomberg ($109B). However, CZ himself publicly rejected these calculations.
What the Forbes Ranking Showed
According to Forbes, the bulk of CZ's wealth comes from his dominant equity stake in Binance Holdings Ltd. By various estimates, the exchange founder still controls approximately 90% of the company. Forbes calculated his personal wealth based on the estimated value of Binance and CZ's ownership share.
This figure made Zhao not only the wealthiest person in the crypto industry but also the richest fintech entrepreneur globally. For comparison, just two years ago Forbes estimated his worth at only $33 billion.
Why CZ Disagrees
In a series of social media posts, Zhao called the Forbes ranking a number guessing game and questioned the methodology itself. His main argument is that the crypto market has lost approximately 50% of its capitalization since the beginning of 2026, making it mathematically impossible for his wealth to have grown to an all-time high.
CZ also noted that Forbes lacks access to Binance's financial statements and cannot reliably estimate either the company's value or his personal stake in it. The exchange remains private and does not disclose complete financial data.
CZ's Journey After Prison
It is worth noting that in 2024, Zhao served a four-month prison sentence in the US for violating anti-money laundering laws. Binance paid a record fine of $4.3 billion at that time. After his release, CZ stepped away from day-to-day management of the exchange, focusing instead on educational and charitable projects.
Despite having no official role at Binance, any increase in the exchange's valuation automatically boosts his estimated wealth, as the ownership stake remains his.
The Challenge of Valuing Private Companies
The CZ situation illustrates a broader problem with billionaire rankings. Valuing private crypto companies remains extremely imprecise. Unlike public corporations whose value is determined by market capitalization, there is no objective market benchmark for Binance.
Different analytical firms can produce estimates that differ by orders of magnitude. Without an IPO or direct sale of a significant stake, reliably assessing Binance's true value and, consequently, CZ's actual wealth is virtually impossible.
What This Means for Crypto
Regardless of the accuracy of specific figures, the very presence of a crypto entrepreneur in the top 20 of the world's wealthiest people speaks to the scale the industry has achieved. Five years ago, such a scenario seemed unthinkable. For traditional investors, it signals that the cryptocurrency ecosystem has become an integral part of the global financial system.
Comments
Your email address will not be published. Required fields are marked *