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?

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.

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.”

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.