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Owning $74 billion, the founder of Binance thinks his wealth is only on paper

At least on paper, Changpeng Zhao – founder of Binance is currently one of the richest billionaires in the world.

The 44-year-old runs the world’s largest cryptocurrency exchange – worth around $300 billion – which is almost six times the market capitalization of US-based competitor Coinbase. After only 5 years of founding Binance, Bloomberg Zhao’s net worth is estimated to have grown to $74 billion, roughly the same as Meta CEO Mark Zuckerberg. Ranked 15th on the Bloomberg Billionaires Index, Zhao is richer than Dell founder Michael Dell and the three heirs to the Walmart empire.

However, share with Fortune, Changpeng Zhao said he was born into poverty and grew up in a village in Jiangsu province, China. Zhao once went through a time of food division.

“You will get vouchers to buy meat. So we don’t starve,” he said.

Then his family moved to Canada. Zhao started earning money by working at McDonald’s and refereeing volleyball games. He then went on to study software development and spent several years working in Tokyo and New York before founding Binance.

Owning $74 billion, the founder of Binance thinks that his wealth is only on paper - Photo 1.

Binance exchange founder Changpeng Zhao. Photo: Binance.

Now, seemingly overnight, Zhao has become a billionaire with a fortune of tens of billions of dollars and holds the world’s leading cryptocurrency exchange with a total transaction value of up to $34.1 trillion last year. .

Share with Fortunethe founder of Binance said that the transition from a startup entrepreneur to a “tycoon” in the field of cryptocurrency came to him as a surprise.

“From a startup, people call me a billionaire with a fortune of tens of billions of dollars,” Zhao said.

However, becoming rich does not mean that this billionaire wears flashy outfits. Zhao is remembered for his hoodies or t-shirts with the Binance logo. However, he is also trying to adjust his image to make a good impression on managers, who are increasingly scrutinizing his company.

After a night of working with London regulators, Zhao appeared in an interview with Fortune in a suit that costs only about 300 USD and a regular Apple Watch.

As for his wealth, Zhao realizes that it only exists on paper. And based on Binance’s global expansion, wealth doesn’t seem to be of primary importance to him.

“If they think I’m that rich, that’s what they think. Those are unrealistic numbers,” Zhao said.


According to Linh Lam

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