Wang Ning, the 38-year-old founder and CEO of Pop Mart International Group, has officially entered the ranks of China’s top ten richest individuals, driven by soaring global demand for the company’s wildly popular Labubu dolls.
According to *Forbes*, Wang’s net worth has reached \$22.7 billion, earning him the 10th spot on China’s billionaire list for the first time. His fortune is largely tied to his substantial stake in Pop Mart, a Beijing-based toy manufacturer whose stock has skyrocketed in 2025.
“Wang Ning has become one of China’s ten wealthiest people as Labubu dolls dominate toy markets across Asia, Europe, and the U.S.,” *Forbes* reported on Thursday.
Pop Mart’s shares, traded on the Hong Kong Stock Exchange, have more than tripled this year, trading above HK\$270 (\$34.40) and pushing the company’s valuation to HK\$365 billion.
The Labubu doll—a mischievous, rabbit-like figure created by Hong Kong artist Kasing Lung—has become a global collectible sensation. Celebrity endorsements from Rihanna, Dua Lipa, and Blackpink’s Lisa have further boosted its popularity beyond Asia.
Deutsche Bank analyst Jessie Xu noted that it is unusual for a comic or toy intellectual property to achieve widespread appeal across both Asian and Western pop cultures.
The craze has led to frenzy at product launches. In April, the release of a third-edition Labubu doll caused chaos at a London store, where fans eagerly paid between £13.50 (\$18.30) and £50 for a single piece. In Beijing, a life-sized Labubu recently sold at auction for 1.08 million yuan (about \$150,000).
Marketing tactics around the doll have even drawn regulatory attention. Forbes reported that Ping An Bank in China offered Labubu dolls as gifts to customers who deposited more than 50,000 yuan into new accounts—a practice that was later halted by financial regulators.
Investment banks have taken note of Pop Mart’s performance, with Deutsche Bank raising its price target on the stock by 52% to HK\$303, while Morgan Stanley also revised its forecast upward.
Wang Ning now becomes the youngest billionaire in China’s top ten, joining notable tycoons like ByteDance founder Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.
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