24-Year-Old Becomes Overnight Billionaire Thanks To RM16 Billion Gift From Chinese Parents

What did your parents gift you? ;)

Cover image via Eric Tse

Meet, Eric Tse

He's 24 years old.

Image via Daily Mail

A Wharton graduate, he enjoys a globetrotting lifestyle

Image via Daily Mail
Image via Daily Mail

And parties with the likes of Rihanna and Bella Hadid

Image via SCMP
Image via SCMP

On Tuesday, 22 October, he became an overnight billionaire, joining the list of the world's richest individuals after USD3.8 billion gift from his Chinese parents

A gift of USD3.8 billion.

Converted into local currency, that's RM16 billion approximately.

So who are his parents?

He is the son of Tse Ping and Cheng Cheung Ling.

Mr Tse Ping is the founder of Sino Biopharmaceutical Ltd, a Hong Kong pharmaceutical company, and his wife, Cheng Cheung Ling, is the Executive Director.

According to a calculation by Bloomberg, the combined wealth owned by him, his parents, and his older sister Theresa is at about USD8.5 billion (approximately RM35.5 billion) through the value of Sino Biopharmaceutical shares.

Image via Daily Mail

There's no tax on gifts or inherited wealth in Hong Kong.

The 24-year-old, who was also made an executive director of the company, says he'll try to keep a low profile

According to South China Morning Post (SCMP), Eric said that although he will not participate in nomination for Billionaire List organised by media or other organisations in his own name, he is happy to participate in the name of the Tse Ping family.

Meanwhile, Eric's role as an executive director comes with compensation of USD498,000 per year, plus discretionary bonuses.

CNN said that he is part of "a new wave of wealth in China", one which sees, for the first time, more Chinese than Americans in the richest 10% of people in the world.

Here are some more photos from his globetrotting lifestyle

Attending the 70th anniversary of the founding of the People's Republic of China in Beijing earlier this month, which was an invite-only event.

Image via Daily Mail
Image via Daily Mail
Image via Daily Mail

Earlier this year, 13 Malaysians made it to Forbes' World's Billionaires List. Their combined total? RM251.9 billion.

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