Vancouver-Born Entrepreneur Becomes Canada’s Richest Person

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The Rise of a Self-Made Crypto Titan

This week, Forbes released its 36th annual ranking of the world’s billionaires, listing 2,668 of the wealthiest individuals globally. Among them, Canadian-Chinese entrepreneur Changpeng Zhao—commonly known as CZ—ranked 19th with a net worth of $65 billion, making him the richest cryptocurrency entrepreneur on the planet and now Canada’s wealthiest individual.

In stark contrast to his 2019 ranking at #1,818, CZ’s meteoric rise reflects the explosive growth of the digital asset industry. His journey from a modest immigrant background to global financial prominence embodies the modern tech-driven success story.

Joining him on the list is David Thomson, chairman of media giant Thomson Reuters, whose family holds a net worth of $49.2 billion, placing them at #26. However, the overall wealth landscape has contracted due to economic headwinds: this year’s total billionaire wealth stands at $12.7 trillion—$400 billion less than in 2021.

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From Immigrant Roots to Industry Leader

Unlike many ultra-wealthy figures born into privilege, CZ is a true self-made innovator. Born in Jiangsu, China in 1977 to a university professor father, he moved with his family to Vancouver during the 1980s. Financial constraints meant he began working early—balancing studies with jobs at McDonald’s and gas stations to help support his household.

His academic focus paid off when he was admitted to McGill University, where he earned a degree in computer science. This foundation launched his career in financial technology: he first worked at the Tokyo Stock Exchange developing order-matching systems and later contributed to Bloomberg's futures trading platform, Tradebook.

In 2005, CZ returned to Shanghai and founded Fusion Systems, a company that built high-frequency trading infrastructure for brokers. It was during this time that he was introduced to cryptocurrency through a casual poker game—an encounter that would change the course of his life.

The Birth of Binance and the Crypto Revolution

By 2013, CZ had joined OKCoin as head of development and rapidly rose to become Chief Technology Officer. Recognizing the transformative potential of blockchain, he made a bold decision in 2014: selling his Shanghai apartment and investing entirely in Bitcoin.

Two years later, in 2017, he founded Binance—the now-iconic cryptocurrency exchange. Through an initial coin offering (ICO), Binance raised $15 million. Within just eight months, it became the largest crypto exchange in the world by trading volume, amassing over six million users.

By February 2018, Forbes dubbed him the “Crypto King,” noting he had gone from zero to billionaire status in only six months. Despite his skyrocketing wealth, CZ has maintained a remarkably low-key lifestyle. He’s frequently seen in casual attire—T-shirt, shorts, and flip-flops—at major tech conferences and avoids luxury displays or media hype.

When asked about his net worth, CZ remains grounded:

"I don’t really know my exact net worth—and I don’t care much. Valuations without liquidity are meaningless. Liquidity is king."

This mindset underscores his long-term vision: building sustainable infrastructure rather than chasing short-term gains.

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Navigating Volatility and Building Resilience

The cryptocurrency market is notorious for its volatility, and CZ’s journey hasn’t been without setbacks. In 2022, global monetary tightening triggered a steep decline in digital asset prices. At one point, CZ reportedly lost $85.6 billion in personal wealth.

The collapse of TerraUSD (UST) and its associated token Luna was particularly devastating. Once valued at nearly $90 per coin, Luna plummeted to pennies within days, wiping out billions in investor value. CZ acknowledged the crisis publicly, tweeting: “Poor again.”

At the height of the crash, Bloomberg’s Billionaires Index showed his net worth had dropped from $96 billion to just $11.6 billion—a staggering 88% loss. Yet by May 20, his fortune rebounded to $65 billion as markets stabilized and confidence returned.

Throughout these turbulent times, CZ remained proactive. He traveled extensively—to the UK, Dubai, Vietnam, and beyond—engaging with regulators and policymakers to position Binance for long-term legitimacy and operational stability.

There were also strategic moves beyond trading: Forbes reported that Binance planned to invest $200 million to acquire a minority stake in the publication itself—a signal of its intent to influence mainstream financial discourse.

Frequently Asked Questions

Q: Who is currently the richest person in Canada?
A: As of the latest Forbes rankings, Changpeng Zhao (CZ), CEO of Binance, holds the title of Canada’s wealthiest individual with an estimated net worth of $65 billion.

Q: How did CZ get into cryptocurrency?
A: CZ was introduced to crypto through a friend during a poker game in Shanghai. Intrigued by blockchain technology, he began investing heavily in Bitcoin in 2014 after leaving OKCoin.

Q: What caused CZ’s net worth to drop so sharply in 2022?
A: A combination of macroeconomic pressures—including rising interest rates—and the collapse of the Terra/Luna ecosystem led to a broad market crash, temporarily reducing his net worth by over 80%.

Q: Is Binance based in Canada?
A: While CZ resides in Canada and holds Canadian citizenship, Binance operates globally and does not have an official headquarters. The company continues to seek regulatory clarity across multiple jurisdictions.

Q: What is CZ’s philosophy on wealth and success?
A: CZ emphasizes humility, liquidity over paper valuations, and continuous work ethic. He believes in leveraging existing tools and staying grounded despite external recognition.

Q: Did CZ really wear flip-flops to major business events?
A: Yes—CZ is well known for his casual dress code. His signature look includes T-shirts, shorts, and flip-flops, even at high-profile tech and finance conferences.

Looking Ahead: Challenges and Opportunities

Despite past turbulence, the future of cryptocurrency remains promising. With growing adoption of blockchain technology, decentralized finance (DeFi), and real-world asset tokenization, platforms like Binance are positioned at the forefront of financial innovation.

CZ continues to advocate for responsible regulation—not suppression—of digital assets. He believes clear rules will foster greater trust and institutional participation while protecting retail investors.

As market cycles ebb and flow, his resilience offers a lesson: true wealth isn’t measured solely in dollars but in adaptability, vision, and impact.

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Final Thoughts

Changpeng Zhao’s journey—from immigrant student to Canada’s richest person—is more than a rags-to-riches tale. It’s a testament to technological foresight, relentless execution, and emotional discipline in the face of extreme volatility.

His story resonates with aspiring entrepreneurs worldwide: success isn’t about where you start, but how you navigate uncertainty with purpose.

As blockchain evolves and digital economies expand, leaders like CZ will continue shaping how we think about money, ownership, and opportunity in the 21st century.

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