Despite facing legal challenges and a four-month prison term, Canada’s richest man continues to accumulate wealth at an astounding rate. Changpeng Zhao, the co-founder of cryptocurrency exchange Binance, has added billions of dollars to his net worth in just a few months, cementing his place as one of the top billionaires in the country.
Changpeng Zhao: The Second Richest Person in Canada
According to Maclean’s magazine’s latest list of the top 10 richest Canadians, Changpeng Zhao now ranks as the second richest person in Canada, with an estimated net worth of $61.02 billion. This represents a staggering $20.72 billion increase from just a few months ago, when his wealth was reported at $40.3 billion by the Bloomberg Billionaire Index as of May 6, 2024.
The Rise of Zhao and Binance
Born in Jiangsu, China, Zhao (also known as CZ) moved to Vancouver in the late 1980s. After completing his computer science degree at McGill University, Zhao’s interest in cryptocurrency grew following a conversation at a poker game in 2013. He went on to found Binance in 2017, which quickly became the world’s largest cryptocurrency exchange by 2018.
A Setback and Legal Challenges
However, Zhao’s path to wealth hasn’t been without obstacles. In 2023, he pled guilty to charges related to Binance’s failure to implement adequate anti-money laundering measures. As a result, Zhao served a four-month prison sentence and was fined a massive $4.3 billion. Despite this, Zhao has managed to bounce back and continues to grow his fortune.
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Canada’s Richest People: A Growing Trend
Zhao’s remarkable wealth growth comes amidst an overall surge in the fortunes of Canada’s wealthiest individuals. As noted in the Maclean’s report, the combined net worth of the top 10 richest Canadians has now reached $261 billion, up significantly from $60 billion in 2004. This includes prominent figures from various industries, including tech giants, grocers, developers, and investors.
At his current trajectory, Zhao is on track to narrow the wealth gap with the Thomson family, who control the Thomson Reuters Corporation and currently hold the top spot with a net worth of $98.15 billion.
Despite facing legal and personal setbacks, Changpeng Zhao’s financial success continues to soar. With his current net worth climbing rapidly, it’s possible he could soon challenge the nation’s wealthiest for the top position. His story is a testament to the rapid and volatile growth of the cryptocurrency industry and the enduring potential for wealth creation in this space.
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