- Forbes estimates Changpeng Zhao’s net worth at $110B, rising $47B in the past year.
- Zhao called Forbes’ net worth calculation illogical and missing key details.
- CZ said Binance’s valuation moves with broader crypto market trends.
Despite repeated denials, Forbes, the renowned American business magazine and global media company, has published an “illogical” estimated net worth for the former Binance CEO, Changpeng Zhao.
CZ’s $110 Billion Net Worth
In its latest ranking of the world’s wealthiest people, Forbes classified Zhao as the 17th-wealthiest individual in the world with a net worth of $110 billion, ahead of American businessman and philanthropist Bill Gates.
According to Forbes, Zhao’s net worth increased by $47 billion from last year, something he considers inaccurate. The crypto entrepreneur argued that his valuation could not have risen by that much in a period when crypto prices dropped by 50%. Forbes’ estimation positions Zhao among 20 people with a twelve-figure net worth, highlighting that he achieved this feat despite facing significant legal and financial challenges in the past 17 months.
An “Illogical” Valuation by Forbes
Zhao criticized Forbes’ method of estimating his net worth increase. He described the report as illogical, suggesting that Forbes may have failed to consider several details that could be crucial to his net worth dynamics in connection with Binance.
According to Zhao, Binance’s valuation aligns with the broader crypto market trend, with the exchange’s value rising and falling alongside the industry. He explained that trading volume drops during crypto winter, reducing Binance’s trading fee revenue. Zhao emphasized his commitment, and that of Binance, to the overall growth of the crypto industry, highlighting his efforts in advocating for crypto even when he no longer manages Binance.
A Trend From the Past
It is worth noting that this is not the first time that Zhao has faulted Forbes’s valuation of his net worth. He debunked a similar report last October after the magazine valued his net worth at $87.3 billion. At the time, Zhao said that Forbes simply published their journalists’ opinions, which he considered wrong. He noted that the figure was way off the mark, even though he didn’t consider financial net worth a very significant element of life.
Zhao further noted that more money won’t make people happier above a certain threshold. He emphasized that other things in life are more rewarding, including good health and a loving family, while making the best positive impact.
Related: Binance Founder CZ Surpasses Bill Gates With $110 Billion Net Worth
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Source: https://coinedition.com/forbes-valuation-is-wrong-again-im-not-worth-that-much-cz/
