The pandemic has minted 5 new rubber gloves billionaires in Malaysia alone
Aug 17, 2020, 21:37 IST
- Malaysia's rubber glove industry has become so profitable during the coronavirus pandemic that it has minted five new billionaires, Bloomberg reports.
- The newest billionaire, Riverstone Holdings Ltd. cofounder Wong Teek Son, now has an estimated net worth of $1.2 billion after shares of his company skyrocketed to six-times their March price. A company spokesperson declined Bloomberg's request for comment regarding Wong's new net worth.
- But the new glove billionaires could fall out of the three comma club as quickly as they joined it if the number of COVID-19 cases falls, reducing demand for PPE. Their firms' stock prices plummeted when Russia announced its coronavirus vaccine last week.
- Malaysia produces 65% of the world's rubber gloves, but the industry was "low-key" before the pandemic, Bloomberg reports. Many of the country's largest fortunes stemmed from the palm oil and banking industries.
Advertisement