But despite his huge success – and massive financial gain - the man behind the trend is still driving a 12-year old car and living in his old family home.
Cheong-Choon Ng is worth millions since he gambled his £5,800 life savings by launching Rainbow Looms.
The 45-year-old even used his daughter's college funds to kick-start his brainwave - and it was definitely worth the risk!
Although he claims he "isn't the smartest guy in the world", the businessman's company made £45 million just last year. Sounds pretty clever to us!
Explaining why he hasn't splashed out on a new car or fancy home, he told The Sun: "It's a nice house, why should we move? We're not over-the-top people. Maybe when I retire I'll buy a boat and go fishing."
The clever chap - who used to be a Nissan crash-test engineer - thought up the idea four years ago when his daughters made hairband bracelets.
Cheong, who lives in Detroit, US, used all his cash on a factory in China and things took off when he uploaded videos online that demonstrated how to create the bracelets.
The craze quickly spread and last year a staggering 28 millions packs of the bands were sold in 29 countries.
Malaysian-born Cheong, whose daughters are 16 and 13, admitted: "The good thing is now we definitely have the money for the girl's education."
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