Regarding American print media, the prestigious New York Times and Washington Post are also quite renowned, as is the Los Angeles Times, which has the third-largest circulation. A mysterious Chinese-American billionaire doctor recently made headlines by acquiring the Los Angeles Times for a staggering $10 billion.
He holds many enviable titles: the world’s most prosperous doctor, a shareholder of the Lakers basketball franchise, an entrepreneur, a philanthropist, and, surprisingly, the richest Chinese-American! This amiable, slightly gray-haired Chinese uncle is Dr. Patrick Soon-Shiong.
In the 2016 Forbes Global Billionaires List, he ranked 81st with a net worth of $11.9 billion, even surpassing Elon Musk, who sent a sports car to Mars, and media mogul Rupert Murdoch (Musk and Murdoch ranked 94th and 96th, respectively).
Dr. Patrick Soon-Shiong, often seen in suits and ties, is not just a “big spender” who buys whatever he wants. He is also a scientist dedicated to fighting cancer and saving humanity, a father who raised a daughter fluent in five languages, and a Stanford graduate.
Despite his impressive titles of “excellent,” “legendary,” and “elite,” he did not start as a wealthy second-generation heir. Still, he climbed up from the bottom of society as an “ugly duckling.” His journey from a commoner to a billionaire is nothing short of extraordinary!
The ‘American Dream’ of a grocer’s son
Patrick’s ancestral home is in Taishan, Guangdong Province, China. His family was ordinary and impoverished. During World War II, they endured hardships and immigrated to South Africa to escape the chaos and seek a new path. Why his parents chose South Africa over Europe or America remains unknown.
After settling in South Africa, the family did not live a life of abundance; they barely made ends meet by running a small grocery store, where young Patrick had to work as a shop assistant.
Growing up in apartheid South Africa, Patrick witnessed the poverty and turmoil of the lower classes and often endured discrimination and bullying from local thugs. This early-matured teenager realized that education was his only way out. In 1968, at 16, he was admitted to the prestigious University of the Witwatersrand in Johannesburg, becoming a schoolmate of former South African President Nelson Mandela.
He studied medicine diligently, earning his doctorate by age 23 and becoming one of the youngest medical doctors in the university’s history. After a few years as an intern at a local hospital, he felt deeply constrained by the limitations of medical research and practice in South Africa.
At that time, he met his wife, Michelle, who dreamed of a career in Hollywood. The couple decided to pursue their dreams in the United States. While Michelle’s Hollywood career may have been unsuccessful, Patrick’s research career took off like a rocket, bringing about dramatic changes.
A turning point in America
Dr. Patrick Soon-Shiong joined the University of California, Los Angeles (UCLA), where he conducted various drug research projects. He successfully developed treatments for diabetes and cancer, including an FDA-approved breast cancer drug. With his name appearing on over 50 patents worldwide, he had the foresight to monetize his research by founding several pharmaceutical companies from scratch.
Although trained as a doctor, Patrick focused more on scientific research, making scientific advancements a strong support for humanity’s fight against diseases. His business acumen and market insight allowed him to leverage his advantages and resources to build wealth. When his pharmaceutical companies succeeded, he sold them, earning $8.6 billion quickly and becoming a super-rich individual, completely transforming his destiny.
Real estate and investments
Like many Chinese, Patrick has a passion for real estate. After becoming a famous billionaire in the U.S., he spent about $15 million on a beachfront mansion in Newport Beach, California, where he became neighbors with Warren Buffett and Nicolas Cage. He also spent $45 million to buy a nearby private bay with a beach and greenery.
In addition to real estate, Patrick, a basketball enthusiast, acquired a 4.5 percent stake in the NBA’s Lakers from former NBA star Magic Johnson, becoming a shareholder of the basketball team.
A commitment to cancer research and philanthropy
If you think Patrick is just a “big spender,” you are mistaken. Although he made his fortune through medical achievements, medicine has always been more than just a profit-making tool for him. His unwavering goal has been to use medical advancements to create a better life for humanity.
In late 2014, then-U.S. Vice President Joe Biden sought Patrick’s help to treat his son, who was unfortunately diagnosed with brain cancer. Despite Patrick’s best efforts, the patient’s condition was too advanced to be saved. Witnessing the grief of a father who lost his son, Patrick wrote a white paper advocating for “cancer immunotherapy.” In this plan, he hoped to integrate modern information technology and biotechnology to make cancer treatable and even preventable, like getting a flu vaccine, rather than waiting until the disease is in its late stages.
Patrick spent four hours explaining his vision to Biden, moved by his son’s suffering. In January 2016, President Obama announced the “Cancer Moonshot” initiative to find a cure for cancer. Patrick seized this opportunity to establish the National Immunotherapy Coalition (NIC), working as a leader to unite government, industry, and academia in the fight against cancer. Although he is a “very wealthy doctor,” Patrick has never forgotten the true mission of being a doctor.
Philanthropy and legacy
Besides his relentless fight against cancer, Patrick and his wife Michelle are deeply involved in philanthropy. They established a family foundation to support hospitals, medical enterprises, and medical schools, often assisting and donating to those serving the public. Patrick donated $135 million to St. John’s Health Center in Santa Monica, Southern California.
He joined the “Giving Pledge” initiated by Bill and Melinda Gates, promising to donate at least half of his wealth to charity after his death. This initiative includes many of the world’s renowned billionaires, such as Bill Gates, Warren Buffett, and Mark Zuckerberg, who choose to use their wealth to give back to society rather than hoard it.
When discussing his views on philanthropy, deeply influenced by his medical career, Patrick expressed his desire to improve the inequality in the U.S. healthcare system, ensuring that every citizen receives the best medical care and treatment experience when they need it most. “This is probably something my descendants and I will strive to achieve,” he said, reflecting on his initial wish as a doctor.
A family of achievers
While Dr. Patrick Soon-Shiong is high-profile in his fight against cancer and philanthropy, he rarely discusses his family in public. However, overseas media have uncovered the impressive resume of his daughter, Nika, who inherited her father’s intelligence.
In an interview with the Stanford Daily, Nika described her father as someone who “never hides his true self.” His likes, dislikes, beliefs, and oppositions are always transparent. Once he sets his mind on something, his determination and action can be “terrifying.” Inspired by his example, Nika has also learned to pursue her goals relentlessly.
From a poor grocer’s son to a prominent Chinese-American billionaire, Dr. Patrick Soon-Shiong’s “rags-to-riches” story may involve some luck. However, his success is not solely due to good fortune. Intelligence, diligence, wisdom, and ambition are essential for reaching the pinnacle. Most importantly, even at the peak of his success, he remains grounded and committed to his initial goal of helping others, which is truly worthy of our respect and admiration.
Follow us on X, Facebook, or Pinterest
