![]() ![]() But amid a cryptocurrency trading boom this year, new estimates place Zhao’s fortune far higher. The following month, Forbes, which put Zhao’s stake in Binance at 30%, estimated Zhao’s net worth at $1.9 billion. Last March, the Hurun Report, which tracks the personal fortunes of the world’s wealthiest individuals, estimated that Zhao was worth $8 billion. The private crypto exchange, which does not disclose its financial results, processes as much as $170 billion of crypto trades a day, multiples more than any other competitor.Īll the unknowns behind Zhao’s wealth is likely why estimates of how much he ‘s worth have varied so widely. ![]() Likewise, little is known about the finances of Binance, the world’s largest crypto exchange by a wide margin. Zhao has not publicly commented on the size of his personal crypto holdings, but he told the Associated Press last November that his personal holdings make up the “majority” of his net worth. Factoring in Zhao’s personal crypto holdings would likely give him a fortune on par with that of Bill Gates, the world’s fourth richest person with a $135 billion net worth, and Zuckerberg, the world’s fifth richest with $124 billion. Zhao’s net worth may be even higher than $96 billion since Bloomberg did not account for Zhao’s personal holdings of Bitcoin and Binance Coin, the cryptocurrency issued by Binance. 10, Larry Ellison, cofounder of Oracle, who’s worth an estimated $107 billion.īloomberg says its estimate is based on Zhao’s stake in Binance, reporting that the exchange generated upwards of $20 billion in revenue in 2021 and that Zhao owns 90% of Binance’s shares, according to a review of the firm’s regulatory filings. 12, Mukesh Ambani, CEO of Indian conglomerate Reliance Industries, and No. On the Bloomberg Billionaires Index, Zhao, known as “CZ” in crypto circles, is now sandwiched between No. The failed Signature Bank's 24/7 payment tool, Signet, which was a key financial conduit for the crypto industry, is a white-label product made by an enterprise blockchain firm.On Monday, Bloomberg calculated that Zhao’s net worth is $96 billion, which would make him the 11 th richest person in the world. The Winklevii made a $100 million loan to Gemini from their personal fortunes after their troubled firm failed to raise outside funding. The feature is only available to subscribers-please consider supporting Fortune’s quality business journalism. That said, the tale of the forces behind Binance’s remarkable rise is well worth a read. After all, the most recent great narrative in crypto-about a Stanford-born whiz kid who believed in effective altruism-fooled all of us badly. It’s not hard to imagine how such an experience could shape a future CEO.Īs I said, Zhao’s life and career are a nice story-though one that should not inform our opinions about Binance and its controversial business practices. If you want to add a psychological layer to the story, Zhao conveyed a sense of pain when recounting to us how his aloof father didn’t attend a single one of his volleyball games. ![]() Zhao told me that his father’s experience-along with reading the personal finance bestseller Rich Dad Poor Dad-taught him to seek a different path. Despite being a brilliant academic, the senior Zhao remained on the periphery of the university world due to the oppression he encountered during the Cultural Revolution, and then later due to his poor English skills. The other big factor that shaped Zhao is that same father. ![]()
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