Binance Founder Zhao Disputes Forbes' $100B Net Worth Estimate
Changpeng Zhao, the founder of Binance, has publicly disputed estimates of his net worth, claiming he is worth between $10 billion and $30 billion. This starkly contrasts with Forbes' estimate of over $100 billion, which the New York Times recently highlighted. Zhao, who now resides in Abu Dhabi after his release from a U.S. prison, stated that $10 million would be sufficient for him to live comfortably. He did not clarify how he arrived at his lower estimate, which diverges significantly from major wealth trackers.
The discrepancy arises primarily from Forbes' valuation of Binance, where Zhao holds an estimated 90% stake. Forbes values the exchange at $100 billion, citing its annual revenue of $16 billion to $17 billion and $30 trillion in trading volume. This valuation placed Zhao ahead of Microsoft co-founder Bill Gates earlier this year, with Forbes estimating his fortune at $110 billion. The New York Times put the figure even higher, at $114 billion. Binance's own deals also suggest a valuation well above Zhao's range, such as a $75 billion valuation in early 2025 when Abu Dhabi investment firm MGX took a stake.
Despite his modest claims, Zhao's lifestyle is far from ordinary. He lives in a nine-bedroom villa on Saadiyat Island, drives a white Nissan SUV, and owns a yacht named "Da Moon." His home faced an Iranian missile attack earlier this year, though he remained unconcerned, noting that "more people die in traffic accidents than from missiles." Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program at Binance, serving four months in federal prison and paying a $50 million fine. Binance itself paid a $4.3 billion penalty to settle the case.
Zhao's journey from working at McDonald's and gas stations in Vancouver to becoming a crypto billionaire is well-documented. He launched Binance in 2017, quickly becoming a billionaire within months. He has previously expressed intentions to give away most of his wealth, stating he plans to donate "90, 95, or 99%" of his fortune.