Wallets are made of leather for a reason: it's very durable. A good leather wallet can last for decades of daily abuse.
For occasional use hiking, or traveling, however, I've made a silnylon wallet and am quite happy. It's almost waterproof, weighs next to nothing, and helps me keep organized when I commute to other countries (something I do weekly). Making it myself allowed me to custom size it for exactly what I need, which was determined by the size of my passport. It's not the most durable, but the slickness actually helps it out quite a bit. I don't expect it to last forever, but it only took about an hour to make.
If it's only for hiking, well, anything will do. A rubber band around your cards and cash is about as light as it gets.