Who is Eric Tse, the overnight billionaire who became richer than Donald Trump in just 24 hours, spo

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.

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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.

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Trump’s purported US$3.1 billion fortune is not the only one he has surpassed. He is now also richer than director Steven Spielberg (US$3.6 billion), and he is worth more than Evan Spiegel, the co-founder and CEO of Snapchat ($3.5 billion).

In a company statement, Tse said: “in response to nomination for billionaire list or wealth ranking organised 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.”

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The transfer is meant to “refine the management and inheritance of family wealth”, the company stated. Tse’s shares will be held via holding companies Thousand Eagles and British Virgin Islands-based Remarkable Industries.

It seems Tse will be keeping a relatively low profile, as his Instagram profile was made private soon after the news broke.

But those who were fast enough managed to get a glimpse into his life, which already saw him rubbing shoulders with the rich and famous.

A quick look showed Tse next to former NBA player Yao Ming at the Fiba Basketball World Cup, posing by the pool with Princess Charlene of Monaco, wrapping his arm around supermodel Bella Hadid’s waist at a Bulgari party in Venice, enjoying an intimate giggle with former French first lady Carla Bruni and taking a selfie with superstar singer Rihanna in New York.

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Many of his shots with those celebrities were captioned with the hashtag #casual. No big deal indeed.

Other pictures of his jet-setting life depict Tse flying over the French Alps, swimming with dolphins in the Bahamas or parasailing in Thailand, as one casually does.

Tse is a Schwarzman Scholar at Beijing’s Tsinghua University. Before this, he was a graduate from the University of Pennsylvania's Wharton School of Finance.

The Seattle-born Tse went to primary school in Beijing and finished his secondary and high school education in Hong Kong.

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During his time at Wharton, he put together the Penn Wharton China Summit (PWCS), an annual event which has become one of the most widely attended conferences focusing on China in American academia.

And it is apparently Tse’s brainchild with classmate Lisa (Xingyi) Wang, after he enrolled in 2014.

“Something that I would do better as a freshman than a senior – I wanted to see my initiative through college and leave a legacy behind,” he said. “As an international Chinese student, I thought it was best to serve my immediate community.”

Tse put his all into reaching out to top Chinese leaders and industry heads. “We sent hundreds of direct invitations through WeChat, LinkedIn, Facebook, email and more,” he said.

“The best thing that you can do is to find an entrance ticket to any ball, banquet or interview. After that, you have to demonstrate your abilities and genuine intent in helping other Chinese international students.”

Tse even took a flight to Qingdao just to meet with a potential speaker for 20 minutes. “There’s a much larger chance they would accept the invitation this way because you can be more convincing in person,” he said.

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The gamble and frequent flyer points racked up were justified when the event was covered by several Chinese media outlets, including China Central Television (CCTV). It also attracted the presence of Chinese luminaries such as Lei Jun, Pan Shiyi and Zhang Jizhong, according to Wharton’s site.

However, he wasn’t satisfied with just co-founding PWCS.

“With PWCS, I created a platform to encourage students to return to China. But at the same time, I haven’t created an actual path to help them,” said Tse.

He joined Liepin North America, a career service platform that supports jobseekers with international backgrounds and assists Chinese companies that are going global. Tse took on the role of chief executive officer upon graduating in 2018.

He has since racked up more leadership roles, as he appears to be a director for at least five other company boards in Hong Kong. This includes Charoen Pokphand Skyland Group, a firm named after the conglomerate of Thailand’s richest family.

Tse credits the support given to him as the inspiration for paying it forward.

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“My parents, seniors and elders genuinely believed in my potential and helped me without expecting any return,” he said.

“By the time I was 19, I was thinking about how I could deliver the same positive energy and passion to the people around me.”

A report from Credit Suisse stated that around 100 million Chinese citizens are listed among the top 10 per cent of the world’s earners – who collectively hold 82 per cent of the world’s wealth.

Though the US still has more millionaires, it only clocked in 99 million people in that ranking.

Last year, four Chinese tycoons moved more than US$17 billion into family trusts. Many of Hong Kong’s biggest developers are also reportedly making moves for succession planning.

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