The Chinese man behind Labubu dolls is now worth $23B
What's the story
Wang Ning, the 38-year-old founder and chairman of Pop Mart International Group, has been named China's 10th richest person by Forbes. His net worth is estimated at $22.7 billion.
Wang's wealth is mainly from his stake in Pop Mart, a Beijing-based toy company that makes Labubu dolls.
The brand has become a global sensation with its signature toy selling like hotcakes across Asia, Europe, and the US.
Business growth
Pop Mart's valuation and financial results
Pop Mart is currently valued at HK$365 billion, with its shares trading over 50 times its estimated 2025 earnings.
The company's latest financial results, released in April on the Hong Kong Stock Exchange, showed a staggering 170% year-on-year sales growth for Q1 2025.
This rapid expansion has helped Ning join China's billionaire elite alongside ByteDance founder Zhang Yiming and Tencent's Ma Huateng.
Toy trend
The rise of the Labubu doll
The Labubu doll, launched in 2019, was created by Hong Kong artist Kasing Lung.
It is part of the "blind box" trend where consumers buy sealed boxes without knowing which figure they will get.
This combination of surprise, limited-edition collectibility, and gamified chance has appealed to Gen Z buyers and adult collectors alike.
The unusual appearance of Labubu has also contributed to its online popularity.
Pop culture
The toy has become a global pop culture icon
International celebrities like Rihanna, Dua Lipa, and BLACKPINK's Lisa have been spotted with Labubu figures.
This has helped the brand evolve from a niche collectible to a global pop culture icon.
Despite its polarizing looks, Labubu has become a cultural phenomenon with every new drop creating a spectacle.
The divisive nature of the toy only adds to its appeal, drawing more attention from collectors worldwide.