Changpeng Zhao, founder and former CEO of cryptocurrency exchange Binance, increased his wealth by approximately $25 billion in 2023, according to the Bloomberg Billionaires Index.
Despite recent legal troubles in the US, Zhao's net worth is currently estimated at $37.2 billion.
Zhao's increase in wealth comes at the end of a year in which Bitcoin has rebounded more than 160% from the 2022 market crash. Zhao, also known as CZ, tops the list of crypto entrepreneurs who have seen their estimated net worth increase in 2023. Other notable names on the list include Coinbase Global CEO Brian Armstrong and twin brothers Cameron and Tyler Winklevoss, who have seen billions added to their wealth.
Campbell Harvey, a finance professor at Duke University who studies digital asset markets, commented on this trend. “Investing in crypto is not for the faint of heart; you need to be prepared for extraordinary ups and downs,” Harvey said.
“These investors are billionaires for a reason, and it's not luck. They believe in the long-term opportunities this space offers.”
Interestingly, the increase in Zhao's wealth is more than five times the $4.3 billion fine Binance agreed to pay to US authorities. His fortune, derived from his controlling stake in Binance, the world's largest crypto exchange, has benefited from increases in trading volumes that have accompanied the recovery in crypto markets.
Zhao also owns some Bitcoin and Binance's own coin, BNB, but these assets are not included in the Billionaires Index.
Despite the impressive growth, Zhao's wealth is still a long way from its peak of nearly $97 billion at the beginning of 2022 and even lower than its year-to-date high of $50.4 billion in July, according to the Bloomberg Billionaires Index.
*This is not investment advice.