The cryptocurrency industry continues to create immense wealth, as evidenced by the latest Forbes World's Billionaires List for 2024. This year, at least 17 individuals have achieved billionaire status primarily through their involvement in the crypto sector, a significant increase from just nine crypto billionaires in 2023. Collectively, these investors and entrepreneurs boast a combined estimated net worth of $93 billion—more than double last year's total of $37 billion.
This remarkable growth in crypto fortunes reflects the industry's ongoing maturation and the substantial value creation occurring across exchanges, blockchain infrastructure companies, stablecoin issuers, and investment firms. The rankings consider crypto asset holdings, publicly disclosed stock ownership, and private assets, with net worth figures captured between March 8, 2023, and March 10, 2024.
The Complete List of Crypto Billionaires
16 (Tie): Joe Lau
Net Worth: $1.5 billion (down from $1.8 billion last year)
16 (Tie): Nikil Viswanathan
Net Worth: $1.5 billion (down from $1.8 billion last year)
These Stanford alumni co-founded Alchemy in 2020, which provides blockchain development infrastructure. In early 2022, investors valued the company at over $10 billion. Today, based on secondary private equity sales, Alchemy's valuation stands at approximately $5.6 billion.
15: Tim Draper
Net Worth: $2 billion (up from $650 million)
Draper is a venture capitalist and early Bitcoin investor who has been a prominent advocate for cryptocurrency adoption.
14: Stuart Hoegner
Net Worth: $2.5 billion (up from $1.2 billion in July)
Hoegner has served as general counsel for Tether and its sister company Bitfinex since 2014 and is estimated to hold a 13% stake in the companies.
13: Mike Novogratz
Net Worth: $2.5 billion (returning to the list)
An early Bitcoin investor, Novogratz had a Wall Street career before entering the crypto industry. He spent a decade at Goldman Sachs before leading a macro fund at Fortress Investment Group, where he eventually became president.
12: Tyler Winklevoss
Net Worth: $2.7 billion (up from $1.2 billion last year)
11: Cameron Winklevoss
Net Worth: $2.7 billion (up from $1.2 billion last year)
The Winklevoss twins, famous for their early involvement in Facebook and their pioneering cryptocurrency exchange Gemini, have seen their fortunes more than double over the past year.
10: Jed McCaleb
Net Worth: $2.9 billion (up from $2.4 billion last year)
This early crypto pioneer created Mt. Gox, the first major Bitcoin exchange, in 2010. He sold it a year before the infamous hack that brought down the platform. McCaleb then co-founded Ripple in 2012 but soon parted ways with the other founders. Most of his wealth comes from selling the majority of the 9 billion XRP he initially received as a Ripple co-founder. He sold his last tokens in 2022. (McCaleb also founded Stellar, a Ripple competitor, in 2014.) Today, he focuses his time and resources on Vast, a space exploration company he supports.
9: Matthew Roszak
Net Worth: $3.1 billion (up from $1.1 billion last year)
An early Bitcoin investor, Roszak made his first purchase in 2010 and has been a prominent figure in the blockchain ecosystem through his investment activities.
8: Fred Ehrsam
Net Worth: $3.2 billion (up from $930 million last year)
Ehrsam co-founded cryptocurrency exchange Coinbase in 2012. He left the company in 2017 but remains on the board and holds approximately 5% of the company's stock. In 2018, he co-founded cryptocurrency investment firm Paradigm, which now manages over $8 billion in assets.
7: Chris Larsen
Net Worth: $3.2 billion (up from $2.2 billion last year)
Larsen co-founded Ripple and holds an estimated 18% stake in the company, which focuses on blockchain solutions for cross-border payments.
6: Jean-Louis van der Velde
Net Worth: $3.9 billion (up from $1.8 billion in July)
The former CEO of Tether owns approximately 20% of the company, which issues the world's largest stablecoin by market capitalization.
5: Paolo Ardoino
Net Worth: $3.9 billion (up from $1.8 billion in July)
Ardoino serves as CEO of Tether, functions as the company's public face, and owns approximately 20% of the stablecoin issuer.
4: Michael Saylor
Net Worth: $4.4 billion (up from $760 million last year)
Saylor represents the biggest percentage gainer on this year's list. The MicroStrategy executive chairman has become one of Bitcoin's most vocal advocates, with his company amassing the largest corporate Bitcoin treasury. His personal Bitcoin reserve—reportedly 17,732 BTC purchased at an average price of $9,882 each—combined with approximately $200 million in MicroStrategy stock sales announced earlier this year contributed significantly to his wealth increase.
3: Giancarlo Devasini
Net Worth: $9.2 billion (up from $4 billion in July)
Devasini serves as Tether's chief financial officer and is likely the company's largest individual shareholder.
2: Brian Armstrong
Net Worth: $11.2 billion (up from $2.2 billion last year)
Armstrong co-founded Coinbase with Fred Ehrsam in 2012 and remains the company's largest individual shareholder with an 18% stake. Under his leadership, Coinbase became the first major cryptocurrency exchange to go public in the United States.
1: Changpeng Zhao (CZ)
Net Worth: $33 billion (up from $10.5 billion last year)
Changpeng Zhao, commonly known as CZ, remains the wealthiest person in cryptocurrency despite recent legal challenges. Last year, he agreed to personally pay a $200 million fine to settle federal money laundering charges brought by the Justice Department and Commodity Futures Trading Commission. (Binance agreed to pay an additional $4.5 billion.) He also stepped down as CEO of the cryptocurrency exchange Binance and, as part of his plea agreement, cannot be involved with Binance operations for three years. (Zhao's sentencing hearing is scheduled for April 30). Despite these developments, his wealth has remained largely intact. Based on company documents and conversations with former employees, his estimated 90% stake in Binance is worth approximately $32.5 billion.
According to Forbes' analysis, Binance remains the world's largest cryptocurrency exchange by trading volume, with estimated revenues of $9 billion last year.
Understanding Crypto Wealth Creation
The dramatic increase in crypto billionaires and their collective net worth demonstrates how cryptocurrency has evolved from a niche interest to a significant wealth generator. Several factors have contributed to this growth:
Exchange Success: Cryptocurrency exchanges have proven exceptionally profitable, with trading fees generating substantial revenue for platform operators.
Stablecoin Dominance: The emergence and growth of stablecoins like Tether's USDT have created enormous value for their issuers and shareholders.
Early Adoption: Many on this list benefited from early investments in Bitcoin and other cryptocurrencies that have appreciated significantly over time.
Infrastructure Development: Companies providing essential blockchain infrastructure, such as Alchemy, have captured value as the ecosystem matures.
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Frequently Asked Questions
What defines a "crypto billionaire"?
A crypto billionaire is an individual whose net worth exceeds $1 billion, with the majority of that wealth derived from cryptocurrency-related ventures, investments, or holdings. This includes exchange founders, early investors, blockchain developers, and company executives in the crypto space.
How does Forbes calculate these net worth figures?
Forbes estimates net worth using a combination of crypto asset holdings, publicly disclosed stock ownership, and private assets. Their researchers analyze company documents, regulatory filings, and interview industry insiders to verify these figures, which are snapshot values between specific dates.
Why did some billionaires see their net worth decrease?
Some crypto billionaires, particularly those tied to blockchain infrastructure companies like Alchemy, saw decreased valuations due to broader market conditions and adjustments in private market valuations from their peaks during the 2021 bull market.
What are the main sources of wealth for these individuals?
The primary sources include ownership stakes in cryptocurrency exchanges, stablecoin companies, blockchain infrastructure firms, venture capital funds focused on crypto, and substantial personal holdings of cryptocurrencies like Bitcoin.
How has regulatory action affected these billionaires' wealth?
While some individuals like Changpeng Zhao have faced significant regulatory actions including fines and restrictions, their wealth has proven resilient due to their substantial ownership in profitable companies that continue to operate successfully.
Will this trend of increasing crypto billionaires continue?
While past performance doesn't guarantee future results, the continued maturation of blockchain technology, institutional adoption, and development of new applications suggests that cryptocurrency will likely continue creating substantial wealth for successful entrepreneurs and investors in the space.