Following a $3.8 billion wealth transferal from Sino Biopharmaceutical founders to their son, Eric Tse has declined to participate in rankings of the world’s richest in his own name.
«[Tse] indicated that in response to nomination for 'Billionaire List' or wealth ranking organized by media or other organisations, he 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,» according to a statement by Sino Biopharmaceutical.
By participating as a family, the combined wealth of the Sino Biopharmaceutical shares held by Tse, his parents (father Tse Ping and mother Cheung Cheung Ling) and his sister Theresa Tse would amount to around $8.5 billion.
Socialite
The drugmaker scion has gained attention for his high profile Instagram posts featuring photos of himself with model Bella Hadid, basketball star Yao Ming, Princess Charlene of Monaco and, most notably, Rihanna. His most recent post was of himself attending the 70th anniversary of the People’s Republic of China – an entity his father has close ties to as a member of its top political advisory body, the Chinese People’s Political Consultative Conference.
Tse gained billionaire status overnight after inheriting one-fifth of the drug maker’s ownership, or 2.7 billion shares, from his parents. He joins a wave of next generation wealth owners that are globally expected to inherit $3.4 trillion from the last generation in the coming 20 years, according to a 2018 estimate by UBS and PwC.
