Changpeng Zhao Disputes Forbes $111B Net Worth Estimate as ‘Guess a Number’

Forbes acknowledged that Zhao and other crypto figures appeared on its list due to Binance‘s rebound, but Zhao’s reaction underscores the tension in valuing such private crypto empires.

Changpeng Zhao said, “Definitely not accurate… guess a number list.”

For context, Forbes‘ latest ranking shows Zhao’s stake and Binances valuation as huge outliers. The Forbes team has said it estimated that Zhao owns about 90% of Binance, a figure neither Zhao nor Binance has confirmed.

Using that assumption and BNBs spot price (recently trading near $720), Forbes multiplied those to arrive at $110–$111 billion.

But Binance‘s own on-chain metrics are opaque. Forbes based much of its Binance value on self-reported trading volumes and revenue multiples, while independent analysts note that Binance’s volumes are prone to overreporting.

Moreover, as Changpeng Zhao noted, converting such a massive crypto stake to cash would almost certainly crash prices. Bloombergs model dramatically undershoots Forbes, in part by stripping out that hypothetical illiquid premium.

Forbes vs. Bloomberg Valuation Gap

The clash has drawn attention because Binances ascent has been spectacular. Despite stepping down as CEO in 2023, Zhao still controls the exchange.

Reports indicate he controls roughly 90% of Binance and about 64% of the circulating BNB supply. Binance generated revenue in the high teens of billions of dollars in 2024–25. Using standard technology-sector valuation multiples, that level of revenue would place the companys enterprise value in the hundreds of billions.

Even so, the Bloomberg Billionaires Index estimated Changpeng Zhaos personal fortune at about $50.2 billion as of March 11, 2026.

The $22–$32 billion spread between those figures and Forbes‘ number isn’t a rounding error; it reflects the deep uncertainty in pricing private crypto fortunes.

Analysts point out that much of the assumed $110–$111 billion wealth is “on paper.” Binance‘s native token, BNB, roughly doubled in price during the late-2025 rally, which boosted Zhao’s token holdings, but liquidating even a fraction of those tens of millions of tokens would flood the market.

Changpeng Zhao has also made other investments, but they are small relative to Binance.

CZs Holdings and Market Context

Changpeng Zhaos X tirade came amid heightened scrutiny of Binance news and crypto valuations. Binance itself has not formally commented on the Forbes estimate, but its executives have long emphasized Zhaos stakes.

The exchanges website notes that Zhao “holds approximately 64%” of the circulating BNB supply (94 million tokens) alongside his 90% equity stake.

Those numbers roughly align with Forbes inputs. In Binance news coverage, observers note that an all-time-high BNB price and record revenues in 2024–25 drove the surge in paper wealth.

Still, the crypto market at large has pulled back sharply this year, capping off a brutal “bear capitulation.” Bitcoin and Ethereum are down roughly 50% from their peaks.

That downturn puts Zhaos critique in context: he essentially argued that if crypto markets had halved, his richest-list number should not have doubled.

His comments echo a familiar line; Bloomberg and others already had estimated lower net worths, but putting Forbes on blast sends a strong message.

In Binance news channels, Zhaos tweets quickly dominated discussions. Analysts say the episode underscores how immature crypto wealth reporting can be.

Changpeng Zhaos challenge to the Forbes figure has made waves across crypto and financial media. Verified data show the discrepancy: a “real-time” $110–$111 billion estimate versus far lower marked values ($50–$88 billion) when accounting for market liquidity.