Changpeng Zhao has scaled Binance to next height between 2017 to 2021. Binance had over 90 million users and exchanged $76 billion in daily trading volume.
Changpeng Zhao, commonly known as CZ, is a Chinese-Canadian business executive with a net worth of $17.4 billion.
He is best known for being the CEO and co-founder of Binance. As of July 2022, Binance is known for being the world's largest cryptocurrency exchange by trading volume.
Though born in China's Jiangsu province on February 5, 1977, Zhao and his family moved to Canada at 12 and settled there.
He is the child of parents who are both teachers. They had to leave China because his father, who worked as an instructor at a university, was branded a pro-bourgeois intellect and exiled to China's rural areas.
Fearing for the family's life, they moved to Canada, where Zhao worked a number of service jobs to support his family. He attended and graduated from McGill University in Montreal, Quebec, with a major in Computer Science.
He has since become one of the world's wealthiest people, and as of the writing of this article, is ranked as the 98th richest person in the world according to Bloomberg Billionaires Index.
How Much Is Changpeng Zhao's Net Worth?
According to the Bloomberg Billionaires Index, Changpeng Zhao has an estimated net worth of $15.6 billion.
His highest net worth was almost $96.5 billion, which, according to the above-mentioned index, he reached on January 12, 2022.
Since then, his net worth has seen something of a slump. The lowest it has ever been was on June 14, 2022, when it reached 10.2 billion. However, he managed to get out of that slump and raise it to $43.5 billion in two months but has since gone down another slump.
Last month, his net worth had gone down to $14 billion, rising to $18.2 billion, and now is back on a downward trajectory to $15.6 billion.
As of November 17, 2022, he has seen a decrease of $2.04 billion since the last time the index was calculated and is currently down 83.7% from the highest his net worth had ever been. However, a net worth of 15.6 billion is nothing to scoff at.
With his net worth, he can buy 8.84 million ounces of gold or 170 million barrels of crude oil. His wealth is equivalent to 0.0679% of the GDP of the United States and is ).221% of the total wealth of the 500 richest people in the world.
It is equivalent to 3.95% of the top 100 U.S. college endowments and 247% of the top 200 American executives' total compensation.
Lastly, it is 220,704 times the average U.S. household income.
Changpeng Zhao And Cryptocurrency
In 2013, Changpeng Zhao initially got interested in cryptocurrencies, and he and cryptocurrency have become interchangeable.
He worked on Blockchain.info and was OKCoin's chief technology officer for the ensuing years. He quit OKCoin in 2017 and launched Binance, his cryptocurrency exchange.
The firm expanded quickly after receiving $15 million in an initial coin offering.
By trading volume, Binance surpassed all other cryptocurrency exchanges in the world in just eight months. He also introduced Binance Smart Chain, his blockchain network.
He has persisted in making numerous contributions throughout time to the autonomy of the finance sector. Although initially launched in China, Zhao has moved Binance's headquarters to different places like Japan, Malta, and even Bermuda.
What Are Changpeng Zhao's Assets
It was revealed that business executive Chanpeng Zhao bought a house in Dubai in 2021.
This resounding statement from Zhao demonstrated his backing for Dubai, a country that has historically been quite pro-cryptocurrency. He said that in order to demonstrate his commitment to forging a footprint in this Middle Eastern country, he bought an apartment in Dubai.
He made the statement that year that he does not own a house or a car since they are illiquid assets.
Zhao appears to purchase real estate more as a business decision than personal enjoyment.
He is also famous for stating that he plans to donate up to 99% of his wealth to imitate the philanthropic actions of other wealthy magnates. However, he has not specified when or at what age he will do so.
Despite his net worth lowering, Zhao's business is still doing well and will continue to do so as long as cryptocurrency is afloat.
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