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Changpeng Zhao, founder and chief executive of cryptocurrency trading platform Binance, is the world’s richest crypto billionaire with a net worth of $65 billion, according to Forbes’ 2022 World Billionaires List.
Mr Zhao, also known as “CZ”, owns an estimated 70 per cent of the world’s largest cryptocurrency exchange, which this week received in-principle approval from Abu Dhabi Global Market to operate as a broker-dealer in virtual assets in the UAE capital.
Last month, Binance also secured a virtual asset licence to operate in Dubai after the emirate outlined clear regulations to govern emerging technology sectors such as cryptocurrencies in an effort to safeguard investors.
The Forbes list, which used stock prices and exchange rates from March 11 to calculate the personal fortunes of the world’s richest people, features a record 19 billionaires who made their money from cryptocurrency and blockchain technology – seven more than in 2021.
“It’s been a wild 12 months for the world of cryptocurrencies, from the Elon Musk-fuelled ascent of Dogecoin, to Web3 innovations and non-fungible tokens [NFTs], to the wild swings in Bitcoin and other crypto tokens,” Forbes said.
“Amid all the action, there’s also no shortage of money to be made in the $2 trillion crypto economy.”
Last November, Bitcoin reached an all-time high of $68,000, then crashed in January to settle just above $35,000. Today, the digital token is trading in the $41,280 range.
Last week, Forbes declared Elon Musk, founder and chief executive of electric car maker Tesla, the world’s richest person, with a net worth of $219bn.
However, the Russia-Ukraine crisis, Covid-19 pandemic and volatile stock markets have taken a toll on the combined wealth of the world’s richest people, which slipped 3 per cent to $12.7 trillion over the past year, from a record $13.1tn in 2021.
In total, there are 2,668 billionaires in the world, down from an all-time high of 2,755 last year.
Meanwhile, Sam Bankman-Fried, co-founder and chief executive of global cryptocurrency exchange FTX, was ranked as the second-wealthiest crypto billionaire with a personal fortune of $24bn, followed by Coinbase co-founder Brian Armstrong with a net worth of $6.6bn.
In March, FTX received a virtual asset licence to set up regulated trading and clearing services in Dubai.
Gary Wang, also a co-founder of FTX who was crowned the world’s richest billionaire aged under 30 by Forbes, ranked fourth with a net worth of $5.9bn, while Ripple’s Chris Larson rounded out the top five with a fortune of $4.3bn.
Newcomers to the list include Nikil Viswanathan and Joseph Lau, co-founders of Web3 infrastructure company Alchemy, each with a net worth of $2.4bn, and Devin Finzer and Alex Atallah, co-founders of NFT marketplace OpenSea, who are worth $2.2bn, Forbes said.
The world’s richest crypto billionaires
- Changpeng Zhao — Binance: $65bn
- Sam Bankman-Fried — FTX: $24bn
- Brian Armstrong — Coinbase: $6.6bn
- Gary Wang — FTX: $5.9bn
- Chris Larsen — Ripple: $4.3bn
- Cameron Winklevoss and Tyler Winklevoss — Bitcoin: $4bn each
- Song Chi-hyung — Upbit: $3.7bn
- Barry Silbert — Digital Currency Group: $3.2bn
- Jed McCaleb — Ripple, Stellar: $2.5bn
Worlds' top 10 richest women in 2022 — in pictures
Five expert hiking tips
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
More on Quran memorisation:
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
