Corona crisis favors Chinese businessman: He made $37M every day

The corona crisis is destroying the economy worldwide. Millions of people are losing their jobs, and countless companies are in danger of going bankrupt. But every crisis also has winners: Li Xiting, the richest man in Singapore, has earned 37.7 million dollars every day since the beginning of the year. His company sells respirators.

Misery around the world, but “ping ping” for Li Xiting. The businessman was born in Anhui Province in eastern China. In 1991 he co-founded Mindray Medical in the Chinese city of Shenzhen. This grew in to a worldwide supplier of medical equipment, including respirators.

The demand for such devices has exploded since the outbreak of the corona pandemic. “We received orders from over 100 countries,” a Mindray spokesperson told South China Morning Post.

Italy is said to have ordered 10,000 devices even before they knew the price. Italy has been severely affected by the coronavirus, with a death toll of over 27,000.

Mindray Medical benefits from it. The stock price has risen nearly 50 percent since the beginning of the year, according to Bloomberg. As a result, Li Xiting’s assets increased by almost 4 billion dollars to 13 billion dollars.

It makes him the wealthiest resident of the island state of Singapore, where he has lived since 2018.

Another big winner of the corona crisis is Jeff Bezos, boss of the online store giant Amazon. According to Bloomberg, he saw his wealth increase by 24 billion dollars to 140 billion in 2020, making him twice as rich as Facebook boss Mark Zuckerberg. He saw his assets fall by 8 billion dollars to 70 billion.

South China Morning Post, Bloomberg, Business Insider
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