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This Local Businessman Is Now Malaysia's Fifth Billionaire, Thanks To The COVID-19 Pandemic

All five are in the glove-making industry


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This Local Businessman Is Now Malaysia's Fifth Billionaire, Thanks To The COVID-19 Pandemic

Malaysia's latest billionaire Wong Teek Son


While most industries are suffering because of COVID-19, one industry is striving and had propelled its owners to billionaire status. 

The fifth, and latest, from the industry to make billions of dollars is Riverstone Holdings Ltd's co-founder Wong Teek Son

Mr Wong Teek Son is now a billionaire.
According to a report by Bloomberg, Wong's net worth is now a cool USD1.2 billion (RM 5 billion).

If you look at Malaysia's richest people list released by Forbes in April, his net worth was only USD310 million (RM1.2 billion) then.

The pandemic has increased the size of his bank account by four fold! 

All thanks to the glove business

Malaysia produces about 65 per cent of all gloves available in the world.

With the increase in demand for gloves due to the COVID-19 pandemic, the industry is booming despite some snags. 

Making big bucks
Top Glove Corp. and Hartalega Holdings Bhd. are two other companies that are minting money this pandemic, with Kossan Rubber and Supermax also benefiting. 

Top Glove's founder Tan Sri Lim Wee Chai's wealth is estimated to have tripled to USD2.5 billion (10.45 billion), Hartelega founder Kuan Kam Hon and his family's net worth is said to have jumped to USD4.8 billion (RM20 billion) and Kossan Rubber’s Tan Sri Lim Kuang Sia is said to have attained the billionaire status just this year when his net worth hit USD1.1 billion (RM4.6 billion).

Suparmax's founder Datuk Sri Stanley Thai is also a new addition the the list, with his wealth hitting the USD1 billion (RM1.4 billion) mark this year. 

Most of these companies have had controversies attached to them, from their products being stopped at the customs by countries like the United States and New Zealand for not treating their staff right to being convicted for insider trading offence, but that haven't stopped them from getting richer. 

But whatever the reason may be, congratulations on your billionaire status.

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