Singapore’s Richest Man Makes $1 Billion Per Month This Year From Sales Of Ventilators To Combat COVID-19
There are many billionaires who are doing serious banking in different ways throughout this pandemic the world is facing. Li Xiting, co-founder and president of a Singapore-based medical device company called Shenzhen Mindray Bio-Medical Electronics, saw his fortune grow by about $ 1 billion a month this year, thanks to the fans his company makes and sells to countries trying to care for coronavirus cases. Li’s fortune has increased by $ 4.3 billion overall this year so far due to the value of his shares of nearly 50%. That gives him a net worth of $ 13.5 billion, an increase of 47.7% in 2020 and an average of $ 37.7 million a day.
The demand for his company’s respirators is high because they help COVID-19 patients breathe because people’s lungs are attacked by this deadly viral respiratory disease. The pandemic has revealed a frightening shortage of ventilators. Ford companies at General Motors are rushing to help speed up fan production. The Mindray representative said that the global demand for ventilators was at least 10 times greater than that available in hospitals. New York less than a week away from supply depletion, governor says Andrew Cuomo. Li reaps the benefits of the fact that there are not a ton of companies that currently create and produce fans because it is a very technical and specified process. Even with companies like Ford and GM stepping in to help, it takes time to increase production. In March, Shenzhen Mindray Bio-Medical Electronics received orders from more than 100 countries for its medical devices. Italy has ordered 10,000 fans.
At the time of this writing, more than three million people have contracted COVID-19. The death toll stands at 220,000, while 957,000 have recovered.
As mentioned at the beginning of this article, Li is not the only billionaire to do well in this pandemic. Have you noticed the rising prices of goods on Amazon? Normally $ 26 of hair products sell for $ 46. Deodorant normally $ 4.50 sold $ 26. Amazon said it was against price increases, but it continues anyway and it is increasing Jeff Bezos’ net worth too.