I say, and with God's help: This money is more than the threshold for zakat, which is (100) grams of gold, so he must pay its zakat. At the time of zakat, he should estimate the cash he has and the goods he purchased, such as cars, and he should estimate them and pay zakat on all of them, which is calculated at a rate of (2.5)% of the total amount. And God knows best.