24-year-old Eric Tse just became one of the richest people alive on Tuesday, thanks to a $3.8 billion gift from his mom and dad.
The newly minted multi-billionaire was gifted 2.7 billion shares of his parents’ Hong Kong company, Sino Biopharmaceutical, according to Bloomberg. There is no estate tax in China.
Tse, who started working with the firm last year, was also made Sino Biopharmaceutical’s executive director. That job’s base pay is reportedly just short of a half-million dollars annually.
The windfall roughly makes Tse the 546th-richest person in the world, according to Forbes. However, a company statement announcing the transfer or riches reportedly said Tse “will endeavour not to participate in such rankings in his own name.”
The Wharton graduate was already running with a popular crowd prior to his good fortune. Tse has posted photos on social media that show him hanging out with singer Rihanna, model Bella Hadid and basketball star Yao Ming.
Must be nice.