How did this Singaporean make $24b during Covid-19?
Li Xiting.
PHOTO: Forbes
PUBLISHED ONAugust 18, 2020 1:26 AMByPoppy Skinner
The answer is more obvious than you might think
When the rest of the world is financially suffering from the ripples of Covid-19, this Singaporean entrepreneur is facing quite a different balance sheet.
As the virus hit, the two things the world desperately needed were medical protective clothing and ventilators and, for Li Xiting, co-founder and CEO of Shenzhen Mindray Bio-Medical Electronics. the latter part meant a busy few months for him.
With the company he co-founded in 1991 being one of the world’s leaders in medical devices and solutions, the company has said that they have had orders for ventilators from over one hundred countries since the pandemic began.
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According to the Bloomberg Billionaires Index, the 69-year old business man has added about $3.5 billion to his net worth each month so far this year, even more than Jeff Bezos of Amazon fame.
With his net worth rising so quickly, this makes him the richest Singaporean, just behind Nippon Paint founder Goh Cheng Liang coming in second with a net worth of US$15.3 billion ($21 billion).
This article was first published in BLLNR.