Who is Eric Tse, the overnight billionaire who became richer than Donald Trump in just 24 hours
SCMP STYLE
2019-11-06
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Who is Eric Tse, the overnight billionaire who became richer than Donald Trump in just 24 hours, spotted hanging out with Rihanna, Bella Hadid and Yao Ming?
With a gift from his parents – and thanks to a Hong Kong law – Eric Tse joins Forbes list of billionaires, making him richer than Donald Trump
Many of us have received a gift we have treasured and remembered for life.
But not everyone gets one that makes them richer than US President Donald Trump.
Eric Tse became an overnight billionaire when his parents, Tse Ping and Cheng Cheung Ling, gave him a one-fifth stake – worth about US$3.8 billion – in their pharmaceuticals company. There are no taxes on gifts or inherited wealth in Hong Kong, where Sino Biopharmaceutical has its headquarters.
The firm has since made the junior Tse its executive director and added him to its executive board committee, which includes his parents and older sister Theresa. The shares held by the four are worth around US$8.5 billion, according to Bloomberg calculations.
The post comes with an annual salary of HK$3.9 million (US$498,000) before bonuses, according to Bloomberg. Overnight, the 24-year-old’s newly-gifted wealth has catapulted him into a list of the 550 richest people in the world, compiled by Forbes.
Here is what you need to know about about the 24-year-old billionaire
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Who is Eric Tse, the overnight billionaire who became richer than Donald Trump in just 24 hours, spotted hanging out with Rihanna, Bella Hadid and Yao Ming?
With a gift from his parents – and thanks to a Hong Kong law – Eric Tse joins Forbes list of billionaires, making him richer than Donald Trump
Many of us have received a gift we have treasured and remembered for life.
But not everyone gets one that makes them richer than US President Donald Trump.
Eric Tse became an overnight billionaire when his parents, Tse Ping and Cheng Cheung Ling, gave him a one-fifth stake – worth about US$3.8 billion – in their pharmaceuticals company. There are no taxes on gifts or inherited wealth in Hong Kong, where Sino Biopharmaceutical has its headquarters.
The firm has since made the junior Tse its executive director and added him to its executive board committee, which includes his parents and older sister Theresa. The shares held by the four are worth around US$8.5 billion, according to Bloomberg calculations.
The post comes with an annual salary of HK$3.9 million (US$498,000) before bonuses, according to Bloomberg. Overnight, the 24-year-old’s newly-gifted wealth has catapulted him into a list of the 550 richest people in the world, compiled by Forbes.
Here is what you need to know about about the 24-year-old billionaire
Follow STYLE on:
https://www.scmp.com/magazines/style
https://www.facebook.com/scmpstyle
https://www.instagram.com/scmp_style
https://www.twitter.com/scmp_style
https://www.youtube.com/c/SCMPStyle
https://www.dailymotion.com/scmp_style
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