The pandemic has minted 5 new rubber gloves billionaires in Malaysia alone

Taylor Nicole Rogers

Thelife1 min read

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.