What is Changpeng Zhao’s net worth?
|Net Worth:||$10 Billion|
|Born:||September 10, 1977|
|Height:||1.70 m (5 ft 7 in)|
|Country of Origin:||China|
|Source of Wealth:||Entrepreneur|
|Last Updated:||August 2, 2022|
Changpeng Zhao is a Chinese-Canadian entrepreneur and business executive known for founding Binance, the world’s largest crypto exchange.
Often referred to as “CZ”, Zhao has helped to revolutionize digital currencies, while representing a true “rags to riches” life experience.
As of October 2022, Changpeng Zhao’s net worth is estimated to be $10 Billion.
Changpeng Zhao Facts
- Changpeng’s transition from entrepreneur to billionaire occurred quickly, with Binance becoming the biggest crypto exchange market in the world in under six months.
- Before Binance, Zhao had set up another trading system called Fusion Systems, which he founded in 2005.
- Zhao is his biggest brand ambassador and is often seen wearing Binance-branded hoodies and T-shirts.
- While Zhao isn’t big on supercars, he once held a promotional campaign for the company with a Lamborghini as the prize.
- In 2019, Binance experienced a serious cyberattack, which resulted in the loss of $40 million in Bitcoin.
Changpeng Zhao was born in China’s Jiangsu province on September 10, 1977, relocating to Vancouver in Canada with his parents when he was 12 years old.
To help support his family, Zhao held a variety of odd jobs during his teenage years, working at McDonald’s while studying at McGill University in Montreal.
After completing his computer science studies, he became a subcontractor at the Tokyo Stock Exchange, developing software for matching trade orders.
By 2013, Changpeng Zhao was becoming involved in cryptocurrency, working on Blockchain.info while also serving as Chief Technology Officer for OKCoin.
Zhao then established the company Binance, setting it up as a platform for spot trading between digital and assets and fiat currencies.
Beginning with a $15 million investment, the company skyrocketed in a short period, with the company moving its headquarters from China to Japan in 2017 following the Chinese government’s plan to ban cryptocurrency trading.
In 2018, Binance’s trading volume had become the largest in the world, placing Zhao on the Forbes list of The Richest People In Cryptocurrency for the first time.
While this fortune quickly dropped off by mid-2022, he remains a billionaire several times over, investing $500 million in the attempt from Elon Musk to purchase Twitter.
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Changpeng Zhao’s Career Earnings
While little is known about how much Changpeng Zhao has received as a regular income, as one of the richest people in Asia it’s assumed to be a considerable sum of money.
Some estimates have placed the figure at several million dollars per year when compared to the salaries of other billionaires such as Zuckerberg, who takes home an estimated annual salary of $20 million.
Zhao’s career earnings will include salaries from his various business ventures and other entrepreneurial activities.
Changpeng Zhao’s Net Worth Annually
Changpeng’s net worth has fluctuated wildly over the last few years, reaching its highest point of around $96 billion in late 2021 before plummeting to under $15 billion several months later.
Here’s a breakdown of Changpeng Zhao’s annual net worth:
- Changpeng Zhao’s Net Worth In 2018 – $1.5 billion
- Changpeng Zhao’s Net Worth In 2019 – $1.2 billion
- Changpeng Zhao’s Net Worth In 2020 – $1.9 billion
- Changpeng Zhao’s Net Worth In 2021 – $96 billion
- Changpeng Zhao’s Net Worth In 2022 – $14.9 billion
Little is known about Changpeng Zhao’s personal life, with the billionaire maintaining his official Instagram account but largely avoiding public scrutiny and media interviews.
Zhao faced controversy when he referred to people as “poor” in a tweet, which he has since deleted, facing public scrutiny for the comment.
In 2021, he stated that he plans to give away 99% of his wealth to charities, following in the footsteps of other notable entrepreneurs who have done the same.
How Does Changpeng Zhao Spend His Money?
While little is known about how Changpeng Zhao spends his money, he recently purchased an apartment in Dubai, home to some of the most expensive penthouses in the world, although details of his apartment aren’t known.
The investment was primarily to show his support for Dubai, where cryptocurrencies are valued while establishing a presence in the Middle East.
Zhao has previously stated that he avoids spending money on luxury goods such as the most expensive cars in the world as he views these as illiquid assets, preferring to avoid such indulgences.
Over a relatively short period, Changpend Zhao has gone from an aspiring entrepreneur to one of the most successful figures in the world of cryptocurrency trading.
Here are some of the best highlights of Changpeng Zhao’s career:
- 2005: Changpeng Zhao relocates to Shanghai and begins his journey with high-frequency trading systems at Fusion Systems.
- 2013: He becomes involved with cryptocurrencies for the first time, developing the skills and experience that would lead to the creation of Binance.
- 2017: Binance is founded, with Zhao setting up Binance Smart Chain shortly after.
- 2018: Zhao signed a Memorandum of Understanding with the Government of Bermuda while raising an additional $12 million by collaborating with the other main exchanges.
- 2021: Zhao’s estimated net worth reaches its highest point yet, hitting a peak of just under $100 billion
Favorite Changpeng Zhao Quotes
While Changpeng Zhao isn’t known for conducting interviews regularly, he has occasionally shared his insights into his life and fortune with the media.
Here are our favorite quotes from Changpeng Zhao:
- “People are investing in crypto because it seems new and cool. It’s like the internet was 20 years ago: It was slow, e-commerce didn’t work, there was no social media.” – Changpeng Zhao
- “I went from being an entrepreneur to somebody telling me I have tens of billions.” – Changpeng Zhao
- “If you pick one business, and integrate [it] with crypto, I fully believe cryptocurrencies will give a much stronger financial funding power.” – Changpeng Zhao
- “When I suggest that investors seem crazy to spend millions on digital artwork, he says, “I agree with you. I think people may have lost their mind.” – Changpeng Zhao
- “This is the first time in human history that we can collectively agree and maintain a record, and no one person is in charge. That has profound implications.” – Changpeng Zhao
3 Amazing Lessons From Changpeng Zhao
Now that you know all about Changpeng Zhao’s net worth, what lessons can we learn from his entrepreneurial activities and huge success with cryptocurrencies?
Here are some of the best success lessons to learn from Changpeng Zhao:
1. A Change Of Scenery Is Often A Good Way To Find New Inspiration
Changpeng Zhao’s career has seen him moving around the world on more than one occasion, from Shanghai to Japan, as well as establishing a presence in Dubai.
If you want to get the best business opportunities, head to the places where entrepreneurs are welcomed with open arms.
2. In A Bear Market, Only The Strong Survive
When cryptocurrencies first entered the market, there was a mad rush for investors to get in on the action.
As we’re seeing now, many currencies have fallen by the wayside, with only the strongest remaining.
3. Cryptocurrencies Are Here To Stay.
Despite Zhao’s ups and downs, Binance is still going strong, with cryptocurrencies here to stay for the foreseeable future.
That wraps up this guide to Changpeng Zhao’s net worth, exploring his rapid rise to one of the richest people in the world with the huge success of Binance.
The cryptocurrency landscape continues to unfold, with Zhao’s position at the forefront all but guaranteed.
With Zhao’s net worth fluctuating over time it’s likely to change, so be sure to refer back to this article as we’ll update it with the most accurate figure.
As of October 2022, Changpeng Zhao’s net worth is estimated to be $10 Billion.