Hurun Rich List: Zhao Changpeng ranks 13th with a net worth of 190 billion yuan. Zhao Changpeng responds, "Divide by 100, that's about right." Social media comments, "Binance's profits may surpass Alibaba's"!

With the booming market of cryptocurrency assets, Changpeng Zhao has recently been frequently active in the news headlines.

In the newly released "2025 Hurun Rich List," the founder of the largest cryptocurrency exchange Binance—Changpeng Zhao—is listed in a very prominent position, ranking 13th on the list with a fortune of 190 billion yuan.

Although he immediately raised objections himself, saying: “Nonsense, divide by 100 and that’s about right,” speculation about his real wealth continues unabated.

In sharp contrast to Changpeng Zhao’s low-key statement are voices in the crypto community claiming his wealth has been seriously underestimated, even comparing Binance’s profits to those of Alibaba.

Estimate of a Hundred-Billion Fortune and Denial by Involved Party

The starting point of this controversy is the public data from the Hurun Rich List. According to the 2025 Hurun Rich List, Changpeng Zhao’s fortune is estimated at 190 billion yuan. The calculation method of the Hurun Rich List is usually closely related to company market value or publicly traded data, but for massive private companies like Binance, the valuation method is more complex and less transparent.

Changpeng Zhao’s response directly challenged the authority of the list. His “divide by 100” remark, if true, would completely overturn the public’s perception of his wealth scale. This statement quickly spread in the market, sparking broad discussion on whether his wealth is overestimated or whether he is deliberately being low-key.

Community Debate: Binance’s Profits May Be Underestimated

On social platform X, leaders in the crypto field have put forth starkly different views.

According to analysis by user @cryptobraveHQ, the Hurun list’s valuation “should be deliberately displayed, it hasn’t truly counted CZ (Changpeng Zhao)’s wealth.”

The analysis points out that just Changpeng Zhao’s family office, YZi Labs, manages assets worth $10 billion, and public statements claim Binance’s 2024 revenue has reached $16.8 billion. Changpeng Zhao also holds a significant proportion of BNB and other cryptocurrencies such as BTC.

A more striking estimate comes from Binance’s token burning mechanism. The analysis notes that Binance finished its 33rd BNB quarterly burn on October 27, with burned tokens valued at around $1.208 billion. According to Binance’s earliest whitepaper, each quarter’s BNB burn equaled 20% of the company’s profit for that quarter. It can be inferred that Binance’s profit for that quarter was about $6.4 billion. For comparison, Alibaba’s Q2 profit this year was $4.678 billion.

Core of Valuation Dispute: BNB Burning Mechanism

However, the foundation for the above staggering inference is not unbreakable. The core of the controversy is whether the calculation method directly linking BNB burn value with profit is still valid.

Some argue that Binance may have already changed its whitepaper rules about BNB burning. The original explicit “20% of profit” ratio may have become ambiguous in later updates, or may no longer be tied to profits. Therefore, using the BNB burn amount now to precisely infer Binance’s profits may lack solid ground.

This technical dispute is precisely why outsiders find it so difficult to discern the true financial status of Binance. In the absence of audited financial statements, any estimate based on public business data (such as token burning) can only be market speculation, not established fact.

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