Wong Teek Soon became Malaysia’s fifth billionaire. A businessman’s fortune has almost quadrupled during the pandemic. The main reason for such a significant increase in fortune was the greater demand for protective gloves manufactured by the Malaysian company.
–
According to the list of the richest people in the world by “Forbes” magazine, in April Wong’s fortune was supposed to amount to 310 million dollars. Currently, it is estimated at the equivalent of USD 1.2 billion. The Malaysian owes its business success to the growing demand for protective clothing, which was launched in response to the COVID-19 pandemic.
–
Rubber products in Malaysia
Wong, 54, the son of farmers in a mountain province in the north of the country, has been president of Riverstone, which he founded with a partner in 1989, since 2005. The company manufactures synthetic rubber gloves at three factories in Malaysia, one in Thailand and one in China. His clients, in addition to companies from the medical sector, are electronics manufacturers.
–
In Malaysia, 65% of of the world’s production of rubber gloves, the country is also the second largest producer of condoms. On the one hand, the pandemic increased the demand for gloves, on the other – it causes difficulties due to limitations in the operation of factories and problems with access to labor.
–
More rich
While the Asian country is facing an economic crisis caused by the pandemic, the wealth of its richest people continues to grow. Consulting firm Knight Frank predicts that the number of Malaysians with more than $ 30 million between 2019 and 2024 will increase by 35 percent. For comparison, from 2018 to 2019, 2 percent were added there. multimillionaires.
–
According to a report by the Capital Market Development Fund and financial advisers’ organization, released in August, more and more Malaysians are unable to make any savings, and one-third have debts worth more than their capital.
–
