Labubu Craze Catapults Pop Mart’s Wang Ning Into China’s Top 10 Richest

Wang Ning, the 38-year-old founder and CEO of Pop Mart International, has become China’s 10th richest person, thanks to the runaway success of the viral Labubu dolls. With a net worth now estimated at $22.7 billion, Wang’s rise is as quirky and fascinating as the toothy, wide-eyed Labubu figures that have taken the world by storm.

 

Labubu, created by Hong Kong artist Kasing Lung, started as a niche collectible but exploded into a global sensation after going viral on social media and being spotted on the bags of celebrities like Rihanna, Dua Lipa, and Blackpink’s Lisa. Pop Mart’s “blind box” sales model—where buyers don’t know which character they’ll get—has fueled long lines, six-figure resale prices, and a frenzy among Gen Z and young adult collectors from Asia to the U.S. and Europe.

 

Pop Mart’s stock has more than tripled in 2025, pushing the company’s market cap to over $46 billion. The company reported $1.8 billion in revenue last year, with $700 million coming from outside mainland China. The Labubu phenomenon has not only made Wang Ning the youngest member of China’s billionaire elite but also redefined what’s possible in the world of collectibles and pop culture.

 

Whether you find Labubu cute or just plain odd, there’s no denying its impact—turning a college grad’s toy store dream into a global business empire and making Wang Ning one of the most talked-about entrepreneurs of the year.

 

Sources: Times of India, Fortune, Forbes