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Binance founder “CZ” is worth $90 billion and is considered the richest Chinese in the world

Founder and CEO of Binance cryptocurrency exchange, Changpeng “CZ” Zhao, was named the richest Chinese in the world with a net worth of $90 billion.

Binance founder "CZ" is worth $90 billion and is considered the richest Chinese in the world

Binance founder “CZ” is worth $90 billion and is considered the richest Chinese in the world

The report carried out by the Chinese magazine Caijing, places the CZ above other major Chinese entrepreneurs in the technology sector, such as the founders of Tecent (Ma Huateng) and TikTok (Zhang Yiming).

The billion dollar amount makes CZ also stand out outside of China and join the list of the ten richest people in the world.

To try to figure out CZ’s fortune, Caijing first estimated that Binance’s market cap could be $300 billion, taking into account the platform’s current transaction scale could exceed a daily volume of $76 billion, “more than its four biggest competitors together”, points out the magazine.

The publication then uses data from Forbes to assess that CZ currently holds 30% of Binance’s total equity, resulting in a fortune of around $90 billion.

In November, Forbes published a list of the richest business people in China, but it did not include CZ, probably because the business person no longer resides in the country, nor does he have his main source of wealth in the territory.

Number one on Forbes’ list is Nongfu Spring chairman Zhong Shanshan, who is worth 424.4 billion yuan, or about $65.9 billion.

“In contrast, Zhao Changpeng is worth 35% more than Zhong Shanshan, the richest man in mainland China,” wrote Caijing magazine.

By echoing the data on Twitter, Chinese journalist Colin Wu suggested that CZ’s fortune could be even more significant.

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“However, the caijing magazine’s calculation based on CZ’s 30% stake in Binance may be wrong. His stake is far more than 30%, and may even exceed 90%.” wrote Wu.

Amid the repercussions on his fortune, Zhao Changpeng countered arguments that began to circulate by saying that “unliquid valuations don’t mean much.”

“If I sell 0.01% of the company equity to someone for $1 dollar, then the company is worth $10,000. If I issue a coin with a 1T supply, and sell 1 of them to someone for $1 dollar, then I have a $1 trillion dollar coin. ”

Despite this, if the estimate that the CZ currently controls $90 billion is close to reality, the Chinese leaves ahead of Sam Bankman-Fried, the owner of FTX considered the richest businessman in the cryptocurrency sector, with an equity of $22.5 billion according to Forbes.

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