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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.
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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
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