Binance founder Changpeng "CZ" Zhao has publicly rejected a recent Forbes estimate that placed his net worth at $111 billion, arguing the calculation is speculative and ignores the severe market downturn. The estimate, which suggested CZ could be wealthier than Microsoft co-founder Bill Gates, was based on his dominant stake in privately-held Binance Holdings Ltd. and his substantial holdings of the exchange's native token, BNB.
In a direct response on social media, CZ criticized the methodology, calling it a "'guess a number' list." He pointed to the over 50% decline in cryptocurrency prices from all-time highs in early 2026 as evidence that such a wealth increase was mathematically implausible. "Bitcoin/crypto is down 50% from ATH," CZ stated, adding, "if you just look at the little chart, you know it's wrong."
The debate highlights the unique challenges in valuing crypto fortunes. Unlike traditional billionaires with holdings in publicly traded companies, much of CZ's wealth is tied to a private company and a large, illiquid token position. Reports suggest CZ owns an estimated 90% of Binance and controls roughly 64% of the circulating supply of BNB (approximately 94 million tokens). CZ argued that selling such a large stake would dramatically impact market prices, making theoretical valuations unrealistic.
The Forbes list also featured other crypto billionaires, including Tether's Giancarlo Devasini ($89.3B), Paolo Ardoino ($38B), Jean-Louis van der Velde ($38B), Coinbase CEO Brian Armstrong ($9.7B), and MicroStrategy's Michael Saylor ($8.6B). The episode underscores both the immense wealth generated in the crypto sector and the complexities of measuring it accurately as the industry matures.
