Eric Tse is listed as a director on at least five other company boards in Hong Kong
Need a fail-proof recipe for instant billionaire? Just take the 24-year-old son of pharmaceutical moguls and add $3.8 billion in shares from the family business, gratis.
Eric Tse, son of Sino Biopharmaceutical executive directors Tse Ping and Cheung Ling Cheng, became one of the wealthiest people in Asia overnight when his parents gave him about a fifth of the company’s share capital this week – a stake worth more than $3.8 billion. The move catapulted Tse into China’s growing class of ultrarich and onto Forbes’ ranking of the 550 wealthiest people on the planet. He is now worth more than President Donald Trump, director Steven Spielberg and Starbucks founder Howard Schultz. The transfer was meant to “refine the management and inheritance of family wealth,” the company said in a statement. To that end, Tse also was named an executive director of Sino Biopharmaceutical and added to its executive board committee. He will earn a little less than $500,000 a year plus bonuses.
Eric Tse is listed as a director on at least five other company boards in Hong Kong
Need a fail-proof recipe for instant billionaire? Just take the 24-year-old son of pharmaceutical moguls and add $3.8 billion in shares from the family business, gratis.
Eric Tse, son of Sino Biopharmaceutical executive directors Tse Ping and Cheung Ling Cheng, became one of the wealthiest people in Asia overnight when his parents gave him about a fifth of the company’s share capital this week – a stake worth more than $3.8 billion. The move catapulted Tse into China’s growing class of ultrarich and onto Forbes’ ranking of the 550 wealthiest people on the planet. He is now worth more than President Donald Trump, director Steven Spielberg and Starbucks founder Howard Schultz. The transfer was meant to “refine the management and inheritance of family wealth,” the company said in a statement. To that end, Tse also was named an executive director of Sino Biopharmaceutical and added to its executive board committee. He will earn a little less than $500,000 a year plus bonuses.
Tse’s new status comes as China, for the first time, surpassed the United States in claiming the largest share of the world’s richest people. A report from Credit Suisse this week said 100 million of Chinese citizens are listed among the top 10 percent of all earners. The U.S. has 99 million people on that ranking, though it still has more millionaires, with about 40 percent of the world’s total, according to the report.
The company said Tse is not interested in being recognized on global rich lists.
“In response to nomination for Billionaire List or wealth ranking organized by media or other organizations, [Tse will endeavor 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,” the company said.