Need a fail-proof recipe for instant billionaire? Just take the 24-year-old son of pharmaceutical moguls and add $3.8 billion in shares from the family business, gratis.

Eric Tse, son of Sino Biopharmaceutical executive directors Tse Ping and Cheng Cheung Ling, became one of the wealthiest people in Asia overnight when his parents handed him about a fifth of the company's share capital as a gift earlier this week. Tse also was named an executive director of the company and a member of its executive board committee. He will earn a little less than $500,000 a year plus bonuses, according to a company statement.

The purpose of the $3.8 billion transfer is to “refine the management and inheritance of family wealth,” the company said in the statement. Tse now ranks among the 550 wealthiest people on the planet, according to Forbes’ list of the world’s richest, and is now worth more than President Donald Trump, Steven Spielberg, and Starbucks founder Howard Schultz.

Born in Seattle and schooled in Beijing and Hong Kong, Tse is a recent graduate of the University of Pennsylvania's Wharton School of Finance. After graduation, Tse became a Schwarzman Scholar at Tsinghua University in Beijing.

He is listed as a director on at least five other company boards in Hong Kong, according to the South China Morning Post, including a firm named for the conglomerate of Thailand's wealthiest family. Tse's billionaire father was once a member of the Chinese People's Political Consulative Conference, China's top political advisory group.

"My parents, seniors and elders genuinely believed in my potential and helped me without expecting any return," Tse said in a Wharton article spotlighting him. "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."

Tse may be a newly minted billionaire, but his star-studded Instagram posts show that he’s occupied the world of the ultrawealthy for years. He smiles next to Yao Ming at the Basketball World Cup, wraps his arm around supermodel Bella Hadid at a Bulgari party in Venice, poses poolside with Princess Charlene of Monaco, and snaps a selfie with singer Rihanna in New York. Many of his shots with celebrities are captioned “#casual.” When he’s not among the stars or at Wharton, other posts show Tse jetting over the French Alps, swimming with dolphins in the Bahamas, and parasailing in Thailand.

Tse joins the ranks of China’s ultrawealthy just as the nation surpasses the United States to claim the biggest share of the world’s richest people for the first time. A report from Credit Suisse this week showed that China accounts for 100 million of those who rank among the top 10 percent of earners on the planet. The U.S. claims 99 million people from the top 10 percent but still outranks China in millionaires, with about 40 percent of the world’s total, according to the report.

Despite his new status, Tse is not interested in being recognized on global rich lists, according to the company statement.

“In response to nomination for Billionaire List or wealth ranking organized by media or other organizations, [Tse] 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 company said.