Binance CEO to Commit Nearly All of Fortune to Charity

CEO lives a temperate lifestyle and doesn’t foresee needing much more.

CZ Pledges Away Wealth

Binance CEO Changpeng Zhao, plans to give nearly all of his fortune to charity, in a stunning move of philanthropy. CZ, sat down with Stan Choe of the Associated Press this week to discuss many topics, but this is the first time the CEO has made any indication of large donations.

Zhao is recognized publicly for living a very frugal lifestyle, one that maintains a low carbon footprint. He holds no fiat currency, doesn’t own a car or a house, and supposedly rides an electric scooter to work. CZ has an estimated worth of around $2 billion USD. 

“I don’t need a lot of money, and I can maintain my lifestyle in this way. I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today,” CZ told Choe. “I do intend to give away 90, 95 or 99% of my wealth.” 

Source: CZ with billionaire Michael Bloomberg at a gala in Singapore.

Zhao is one of the top 50 wealthiest individuals living in Singapore, according to Forbes Magazine. The Forbes’s Crypto Rich List ranks him fifth among crypto’s wealthiest investors and entrepreneurs. The CEO is expected to be the largest shareholder of the native token to Binance, BNB. CZ would be able to make a considerable difference to a myriad of lives if he fulfills his promise.

As of 2021, there are over 225 billionaires from 27 different countries who have committed a majority of their wealth to charitable and philanthropic causes through the Giving Pledge. The total assets pledged are estimated in the range of $600 billion USD. For reference, Binance has an estimated valuation of $300 billion, per the Wall Street Journal. 

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