Although the CODIV-19 pandemic has devastated the world economy, it has also created new success stories.
Former research chemist and founder of Riverstone, Wong Teek Son, has now become the 5th billionaire in Malaysia.
Riverstone, a leader in glove manufacturing, has seen a significant rise in demand since March thanks to the growing demand for protective products during the pandemic.
The former research chemist is now worth worth US$1.2 billion (RM5 billion), after shares of his company shot up nearly 6X since March. A Riverstone spokesman declined to comment on Wong’s net worth.
Malaysia is one of the leaders when it comes to glove manufacturing, currently producing over 65% of the world’s supply of rubber gloves.
Coupled with rubber being one of the main plantations in the country, exports are expected to climb 45% this year.
Aside from Riverstone, companies such as Top Glove and Hartalega have quickly become some of the most valuable companies on Malaysia’s stock market. Their shares have collectively jumped more than 192% this year.