- CZ rejects Forbes wealth estimate as crypto market downturn deepens further.
- Binance founder questions logic behind $111 billion valuation during market crash.
- Crypto market slump raises doubts about billionaire rankings across the industry.
Fresh debate over crypto wealth rankings emerged after Changpeng Zhao dismissed a report estimating his fortune at $111 billion, a figure that appeared in a recent list published by Forbes, which ranks the world’s richest individuals. However, Zhao quickly rejected the number and argued that it does not match current market conditions.
According to Zhao, the estimate does not reflect the reality of a declining digital asset market, and he responded publicly on X, stating that the calculation resembles a guess rather than a logical financial assessment. He explained that the cryptocurrency market has dropped nearly 50% from its previous highs in early 2026, consequently noting that it makes little sense for his wealth to increase during such a downturn.
Moreover, Zhao emphasized that the market decline affects valuations across the entire crypto sector, while noting that falling token prices reduce the value of holdings tied to exchanges and blockchain ecosystems. Therefore, he argued that a rising personal fortune contradicts basic market mathematics.
Zhao also indicated that he did not need to review the full article to identify the issue and instead pointed to the price chart associated with the report. The chart clearly showed the recent decline across digital assets; hence, Zhao said the claim that his wealth increased during the same period lacked logic.
Also Read: Bitwise CIO Predicts $1M Bitcoin as Global Store-of-Value Market Expands
Binance Ownership and Token Holdings Drive CZ’s Estimated Wealth
Much of Zhao’s reported fortune stems from his large ownership stake in Binance, one of the world’s largest digital asset trading platforms. Estimates suggest Zhao holds about 90% of the company’s equity.
Consequently, analysts often use Binance’s perceived market value when calculating his net worth, while Zhao reportedly controls a significant portion of BNB, the native token associated with the Binance ecosystem. Some reports estimate that he holds roughly 64% of the token’s circulating supply, representing approximately 94 million BNB tokens.
However, both assets remain closely tied to cryptocurrency market performance. When digital asset prices decline, the value of exchange-related tokens and associated holdings often drops as well. As a result, Zhao argued that the Forbes estimate does not align with the broader market trend.
The ranking also included other prominent figures connected to digital assets. Giancarlo Devasini, Paolo Ardoino, and Jean-Louis van der Velde appeared among the wealthiest individuals in the sector. Furthermore, Brian Armstrong and Michael Saylor were also listed among crypto billionaires. Their wealth often fluctuates because much of it is linked to publicly traded shares and cryptocurrency holdings.
Zhao’s response highlights the challenges of estimating wealth within the cryptocurrency industry, where company valuations remain private and token prices change rapidly.
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