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Saturday, October 26, 2019

Chinese Parents Gave Son US$3.8 billion, Making Him One Of The World’s Richest People

Eric Tse

A 24-year-old has instantly joined the list of the world’s richest individuals after a gift from his parents.

According to Bloomberg, Eric Tse was given US$3.8 billion (S$5.18 billion) by way of shares in his parent’s Hong Kong pharmaceutical company Sino Biopharmaceutical on Oct. 22.

The amount was reported as one-fifth of the company’s share capital.

To top it off, Tse was made an executive director of the company, after starting work there nearly a year ago.

Bloomberg reports that in his new role, Tse’s pay will be US$498,000 (S$678,873) per year, plus discretionary bonuses.

Tse’s older sister Theresa is the chairman of the company.

Together with their parents, Tse Ping and Cheng Cheung Ling, Bloomberg calculates that the family hold a total of US$8.5 billion (S$11.59 billion) in Sino Biopharmaceutical’s shares.

Eric Tse

Rich and famous

CNN reports that the newly minted billionaire had recently graduated from the prestigious Wharton School of Finance.

However, a statement from the company has indicated that Tse wants to keep a low profile — especially in regard to wealth rankings.

“(Tse) will endeavour not to participate in such rankings in his own name, and would recommend participating in such nominations in the name of the Tse Ping family,” it said.

By Andrew Koay, Mothership

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