Who created loom bands? Man worth millions but hasn't splashed out

Published Monday, Jul 21 2014, 20:00 BST  |  By  |  Add comment
Everywhere you look, kids are wearing loom bands – they're the current craze that has swept the nation this summer.

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.

Loom bands

© Rex Features / Peter Luckhurst

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."

Got an iPad or iPhone? Reveal Mag is specially designed to fit!