Wang Ning, the 38-year-old founder and CEO of Pop Mart International Group, has entered China’s top 10 richest individuals for the first time—thanks to the global explosion in demand for the company’s iconic Labubu dolls.
According to Forbes, Wang now ranks as China’s 10th wealthiest person, with a net worth of $22.7 billion, driven largely by his stake in Pop Mart. The Beijing-based toy company has seen its shares skyrocket in 2025, tripling in value and pushing its market capitalization to HK$365 billion. Pop Mart’s stock, listed in Hong Kong, is currently trading above HK$270 ($34.40).
“For the first time, Wang Ning, founder of toy maker Pop Mart, has joined the ranks of China’s top ten billionaires, as the company’s Labubu dolls fly off store shelves in Asia, Europe, and the U.S.,” Forbes reported.
Created by Hong Kong-born artist Kasing Lung, the mischievous, rabbit-like Labubu has become a global collectible phenomenon. Its popularity has been amplified by celebrity endorsements from stars like Rihanna, Dua Lipa, and Blackpink’s Lisa.
“It is rare for a comic/toy IP to break the culture wall and be embraced by both Asian cultures and mainstream Western pop stars and sports figures,” Deutsche Bank analyst Jessie Xu noted in a research report.
The frenzy surrounding the dolls hit new heights in April when the release of a third-edition Labubu sparked scuffles at a London store, with fans paying between £13.50 ($18.30) and £50 per doll. In Beijing, a life-sized Labubu sold at auction for 1.08 million yuan ($150,000).
The doll’s immense popularity has even prompted unconventional marketing tactics. Forbes revealed that Ping An Bank in China offered Labubu dolls as rewards for customers who opened new accounts with deposits over 50,000 yuan—an initiative later halted by regulators for violating promotional guidelines.
As international demand continues to soar, investment banks remain bullish on Pop Mart’s prospects. Deutsche Bank recently raised its price target for the company’s stock by 52% to HK$303, while Morgan Stanley also upgraded its forecast.
Wang’s meteoric rise makes him the youngest member of China’s billionaire elite, joining the ranks of other business heavyweights such as ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.
